Lorenzo Shipping Corporation reported weaker revenue performance during the first quarter of 2026 while continuing efforts to reshape its business model.
The Philippine domestic shipping operator generated PHP 224.8 million (approximately US$3.7 million) in ocean freight revenue during the quarter, reflecting a 16% year-on-year decline as transported volumes fell by 8%.
Despite softer revenue performance, the company improved profitability metrics compared with the same period last year.
EBITDA stood at negative PHP 43.9 million (around negative US$723,000), representing an improvement of 58% year-on-year, while consolidated net losses narrowed to PHP 98.6 million (approximately US$1.62 million), improving by 43% from the previous year.
Alongside its financial results, Lorenzo Shipping announced a strategic shift in its operating model, moving away from being primarily a shipping service provider toward an asset ownership approach focused on chartering vessels.
The company said future activities will mainly centre on chartering assets to affiliated operator NMC Container Lines as part of its restructuring strategy.
