Filipino fast ferry operator Archipelago Philippines Ferry Corp has lined up a PHP 1.8 billion ($34.2m) financing package with Philippine National Bank to finance the building of five new high speed ferries.
The Muntinlupa-based company said in a statement today that the five vessels will be improved versions of the vessels in its current fleet.
It added that it was targeting a fleet strength of 30 vessels by 2020.
The company, which trades under the marketing name of FastCat, operates a dozen high-speed ro-pax vessels of around 700-gt. All were designed by Sea Transport Solutions of Australia and built in China by Guangdong Bonny Fair Heavy Industry and Xijang Shipyard over the past five years.
The ferries are operated on an extensive network in the Philippine archipelago.
Archipelago president Christopher Pastrana told local media that the new ships are part of a two-year modernization drive.
“With the construction and funding of these new vessels, FastCat is moving a step forward in modernizing the industry,” he said.
Archipelago was founded in 2002 and is affiliated with logistics conglomerate Capp Industries Inc.
