Aznar Shipping targets December IPO, plans two-vessel fleet expansion in the Philippines

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Aznar Shipping IPO & fleet plans

Highlights

Aznar Shipping targets a December 18 Philippine Stock Exchange IPO, offering up to one billion shares at a maximum price of P0.67 for potential gross proceeds of P670 million.
The company plans to invest P503.71 million of net IPO proceeds in acquiring two vessels by Q2 2027, expanding its current 10-vessel fleet and increasing sailing frequency and capacity.
First-half 2026 net income more than doubled to P53.2 million on gross revenues of P210.9 million, with cargo transport contributing 85.6% of revenues as passenger share rises.

Fleet expansion and listing timetable

As reported by BusinessWorld Online, Aznar Shipping plans to acquire two additional vessels by the second quarter of 2027 while keeping its target to list on the Philippine Stock Exchange on Dec. 18, subject to regulatory approvals and final offer terms.

President and Chief Executive Officer Kyle Alexander C. Aznar says the planned acquisitions follow the deployment of the company’s newest vessel, Manoling 7, on the Bacolod-Dumangas route linking Negros and Panay. The 2,337-gross-ton roll-on/roll-off vessel supports the transport of vehicles and cargo between Bacolod City and the Port of Dumangas in Iloilo.

The new service is part of Aznar Shipping’s strategy to strengthen short-haul inter-island routes through better sailing frequency, route convenience and port accessibility. The company says it currently operates 10 vessels, including Melrivic 7, which it acquired this year.

Aznar Shipping plans to offer up to one billion primary common shares at a maximum indicative price of P0.67 each, potentially raising P670 million in gross proceeds. Net proceeds are estimated at P640.86 million, with P503.71 million allocated to fleet expansion, P91.64 million for shipyard facility development and P45.50 million for general corporate purposes.

The company plans to use the fleet expansion and general corporate allocations in the first half of 2027, while shipyard spending is scheduled for the second half. Aznar says the added vessels would help raise sailing frequency and accommodate higher passenger and cargo volumes.

Visayas growth and shipping industry outlook

Aznar Shipping says seasonal demand continues to support the industry, especially in the third and fourth quarters when cargo volumes typically rise ahead of Christmas and New Year. The company is positioning its expanded network to capture more freight movement during that peak period.

Financially, Aznar Shipping’s net income more than doubles to P53.2 million in the first half of 2026 from P20.9 million a year earlier, while gross revenues rise to P210.9 million from P100.6 million. Cargo transport accounts for about 85.6% of first-half revenues, compared with 90.71% for full-year 2025, as passenger transport contribution increases, based on the company’s preliminary prospectus.

The company is also evaluating sites for a shipyard and dry-docking facility as part of its longer-term expansion plan. It is considering locations in Cebu, Leyte, Negros and Panay, with preference for areas where it already operates, although land costs in Cebu are seen as relatively high.

That proposed facility could help Aznar Shipping support a growing fleet and reduce reliance on third-party shipyards over time. The company currently provides inter-island passenger and cargo transportation services across the Visayas and Mindanao.

As noted in our earlier article, Firmus Grid fundraising highlights how firms turn to private capital after shelving an IPO.

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