Cebu-based Aznar Shipping Corp. is expanding its RoRo fleet across the Visayas, with plans to acquire an LCT RoRo vessel and two IACS-classed vessels over the next one to two years, subject to IPO approval.
The company currently operates nine vessels on high-frequency routes linking secondary ports in Cebu, Leyte, Panay and Negros Occidental. New vessels are primarily sourced from shipyards in Zhejiang, China, while Aznar remains open to domestic shipbuilders that can meet its cost and delivery requirements.
To fund its fleet expansion, Aznar Shipping has filed for an IPO on the Philippine Stock Exchange, targeting up to P737 million. The offering comprises up to 1 billion primary shares to raise P670 million and up to 100 million secondary shares under an over-allotment option to raise P67 million, at an indicative price of up to P0.67 per share. The company is targeting a December listing, subject to regulatory approvals.
For H1 2026, revenue more than doubled to P210.99 million, up 109.75% year-on-year, while net income rose 155.11% to P53.19 million. EBITDA increased 96.76% to P103.12 million, supported by higher capacity and volumes following the deployment of MV Manoling 6 and MV Alexander 1.
Around 86% of revenue came from rolling cargo and vehicle transport, with passenger services contributing 14%. Capital deployment will also support shipbuilding and repair capabilities, with the company targeting an average fleet age of around five years.