2GO Group buys new Japan vessel

BUSINESS
May 3, 2021

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2GO Group, Inc. on Wednesday announced the purchase of a new vessel from Japan, which will make its maiden voyage in the Philippines in May.
    
“The newly purchased ship will be part of 2GO’s fleet of 10 ROPAX (roll-on/roll-off passenger) and freighter vessels, sailing to 20 major ports of call, linking Manila to Visayas and Mindanao,” the company said in an e-mailed statement.
    
The acquisition, the company noted, is part of its continuing modernization program, which includes upgrading of its fleet and modernizing its operations.
    
With its discounted tickets, the company said it is ready for the resumption of domestic tourism.
    
The company is banking on its modernization projects to return to profitability.
    
It recently reported an attributable net loss of P1.84 billion for 2020, significantly wider compared with the previous year’s loss of P890.35 million.
    
But the company said it has no plans to raise additional capital for its modernization efforts.
    
“At this time, the management is able to fund these investments internally; thus, [we] have no current plans to raise additional capital,” William Charles Howell, 2GO chief financial officer, said at the company’s annual stockholders’ meeting on April 23.

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