Doris Ho comes to the aid of Lorenzo Shipping

Philippine carrier Lorenzo Shipping Corp has received a P270m ($4.6m) financial lifeline from majority shareholder, Doris Ho-led National Marine Corp.

National Marine has bought 270m new shares of Lorenzo Shipping at P1 each, much of which will go to pay loss-making Lorenzo’s belated fuel bills.

According to shipping database Equasis, Lorenzo has 10 ships made up of a mix of small containerships and general cargo ships.

Following the share deal, National Marine now controls 78.65% of Lorenzo Shipping.