Lorenzo Shipping’s 2024 voyage ends in net loss

Freight revenue decreased by nearly 30%.

Lorenzo Shipping Corporation has recorded a $9.56m (PHP541.78m) net loss in 2024 from a net profit of $1.69m (PHP95.79m) the year prior.

In a bourse filing, the company reported that its freight revenue decreased by nearly 30% to $41.27m (PHP2.34b), whilst direct costs slightly decreased by 12% to $44.62m (PHP2.53b).

Lorenzo Shipping’s net loss led to a deficit of $19.93m (PHP1.13b) last year.

The company said through its available unused credit facilities, continued financial support from and deferral of payment of payables to its affiliates, and continued revenue enhancement programs and cost reduction initiatives will help generate sufficient cash flows from its operations to meet its obligations as and when they fall due.

$1 = PHP56.70

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