SMC shipping project approved
MANILA – SMC Shipping and Lighterage Corp. (SMCSLC), the shipping arm of beverage giant San Miguel Corp., has acquired a brand new oil tanker SL Maple for use by refinery Petron Corp., a report of the Philippine News Agency said.
SL Maple is a brand new vessel with a gross tonnage of 3,999 tons.
SMCSLC will invest P613.8 million in this project which involves a five-year lease with an option to purchase/own the said vessel.
It was built in Japan on 2008 and owned by El Magnifico Shipping Corporation of Panama.
The vessel will be used to haul petroleum products (i.e. diesel, gasoline, among others) for Petron Corporation and its docking site will be in Santo Tomas, La Union.
Start of commercial operations will be in September 2010 where 18 people will be employed to the company.
The firm’s stockholders are the San Miguel Corporation (70 percent) and Kadiwa Transport Corporation (30 percent).
SL Maple is the fourth vessel to be registered by SMCSLC this month with the Board of Investments, which has approved the registration of the project with fiscal incentives.
Overall, however, the SL Maple is already the firm’s seventh project applied for Board of Investments registration and has endorsement from the Maritime Industry Authority.
Early this month, the BOI approved three new vessels of SMCSLC with total acquisition cost of P224.9 million. It involves the purchase of two brand new cargo vessels and one retrofit vessel that will transport the raw materials for processed products of its parent firm.
The two vessels are called Kalikasan 3 and Kayamanan 2 with a project cost of P88.8 million each.
The vessels are manufactured from China with 5,000 gross tonnage each.
The third vessel is a second hand 2,000 deadweight ton 1994-built barge imported from Japan that was previously tagged “SDN-1”. It will be renamed “Kayamanan 3.”
All three vessels will transport raw materials for processed products of San Miguel Corp. and other firms that need bulk cargo vessels.
The vessels may also be used should SMCSLC get involved in the mining business in shipping coal, gypsum and other minerals.
Kalikasan 3 and Kayaman 2 will start commercial operation in December this year while Kayamanan 3 will commence a month later.
The operation of the three vessels are expected to generate 36 new employes.
The company is engaged in managing ships, boats lighters, vessels since it started operation in 1974.*
