PHILHARBOR Ferries and Port Services, Inc is allocating $79 million to buy 10 new roll on-roll off vessels starting this year.
Philharbor president Christopher Pastrana said the new fleet will replace nine older ships, each with an average age of 28 years.
The 500-gross ton vessels will be constructed at a shipyard near Bantam in Indonesia. The first delivery is set in December or early January 2011. The rest will be delivered every month thereafter.
Funding for the acquisition will mostly come from internally generated funds.
At a recent Department of Transportation and Communications forum, Pastrana exhorted government to provide a climate for expansion where shipping lines can easily avail of financing for fleet modernization. At present, he said shipping lines mostly rely on internal funds and commercial borrowing for such a purpose.
