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Montenegro Shipping to deploy newly acquired roro vessel to Surigao-Leyte route

Montenegro Shipping Lines Inc., one of the country’s major vessel operators, has acquired another roll-on/roll-off (Roro) vessel using National Maritime Leasing Corp.’s (NMLC) funds.

Vicente Montenegro Jr., the company’s general manager, said the firm was granted a P152-million lease-to-own deal for the acquisition of a medium-sized Roro vessel, which will be deployed to one of the missionary routes in the country.

“NMLC has approved it on Tuesday and we can purchase the vessel anytime,”

Montenegro said at the sidelines of the Bicol investors’ forum organized by the Philippine Ports Authority. The deal involved a 12-year repayment period.

Montenegro said the company plans to deploy the vessel to the Leyte-Surigao route. This is the fourth time that the company has secured a lease-to-own deal with NMLC, now owned by Development Bank of the Philippines (DBP).

In 2006, NMLC, which was then under the National Development Co. (NDC) has entered a similar lease-to-own agreement with the Batangas-based shipping firm. These vessels are M/V Oliva which costs P13.37 million, M/V Natasha for P5.7 million, and M/V Lolita for P10.09 million.

“We will finish paying for those deals by next year,” Montenegro said. As a strategy, NMLC will own the vessels until the time that the firm was able to pay the entire amount over a specific period agreed upon by both parties.

Montenegro owns about 43 vessels, of which 10 were acquired during the last two years. It also operates seven fast craft vessels and the rest are Roro ships mostly used for interisland operations carrying both cargoes and passengers. (Business Mirror)

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