Cebu-based shipping operator Aznar Shipping Corp. (“Aznar Shipping” or the “Company”) posted P210.99 million in revenues for the first half of 2026 ending June 30, 2026, up approximately 110% from P100.59 million in the same period last year, driven mainly by additional vessel capacity and higher cargo and passenger revenues.
The stronger topline performance translated into a 155% increase in net income to P53.19 million from P20.85 million in the first half of 2025. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 97% to P103.12 million from P52.41 million a year earlier, reflecting stronger operating earnings alongside the Company’s higher revenues.
Cargo Remains Core Revenue Driver
The Company attributed the revenue growth primarily to the deployment of MV Manoling 6 (Cebu-Negros Occidental) and MV Alexander 1 (Cebu-Leyte), which expanded operating capacity and enabled Aznar Shipping to serve higher cargo and passenger volumes.Rolling cargo and vehicle transport remained Aznar Shipping’s core revenue driver, accounting for approximately 86% of total revenues in the first half of 2026. Passenger transport,meanwhile, accounted for approximately 14% of revenues during the period. Through its Roll-On/Roll-Off Passenger vessels, Aznar Shipping transports both passengers and rolling cargo on the same voyage, enabling diversified revenue streams.
“Our first-half results reflect the additional capacity we have deployed across our operations and the sustained demand for moving goods, vehicles and people between islands in the Visayas. As we strengthen our fleet, we are able to serve more customers and improve the frequency and reliability of our services,” said Mr. Kyle Alexander C. Aznar, President and CEO.
IPO to Support Strategic Expansion
With sound market fundamentals, Aznar Shipping is pursuing an initial public offering (IPO) of up to 1 billion primary common shares, with an over-allotment option of up to 100 million secondary shares, at an indicative offer price of up to P0.67 per share, subject to a book-building process.
At the maximum indicative offer price, the primary offer may generate up to P670 million in gross proceeds for the Company, while secondary shares under the over-allotment option may add up to approximately P67 million, subject to market conditions and regulatory approvals.
Aznar Shipping operates as a regional specialist focused on short-haul, high frequency routes across the Visayas. Its strategy is supported by broader changes in domestic shipping, with vehicles and rolling cargo increasingly utilizing smaller and secondary ports, creating opportunities for operators serving short routes between neighboring island economies.
The Company focuses on feeder routes connecting ports across Cebu, Leyte, Panay and Negros Occidental, with vessel deployment based on prevailing port infrastructure and route economics.
“Our strategy is centered on routes where recurring demand, regional market knowledge and the right vessel deployment allow us to operate efficiently. We believe this positions Aznar Shipping to participate in the continued growth of trade and mobility across the Visayas,” Mr. Aznar added.
About Aznar Shipping Corp.
Aznar Shipping Corp. is a regional shipping company that operates roll-on/roll-off vessels and landing craft tanks serving major islands in the Visayas. It currently serves four (4) major inter-island routes connecting Cebu, Leyte, Bantayan Island, and Negros Occidental provinces, with regular port calls at eight (8) ports. It serves regular shippers, truckers, logistics companies, bus transport operators, construction companies, forwarding services, and regular passengers, supporting the movement of people and goods across the region.