PNOC unit selling shipping assets

State-run Philippine National Oil Co. (PNOC) is disposing the assets of its shipping subsidiary, starting with one of its single-hulled petroleum product tankers.

In a notice, PNOC Shipping and Transport Corp. (PSTC) said it was bidding out on December 6 the M/T Gen. Antonio Luna at a floor price of P87.1 million.

The said vessel anchorage, which is being sold on an “as is, where is” basis, is currently moored at the port of Limay, Bataan, and can be inspected up to December  5 by interested parties, subject to the approval of the company’s fleet management department.

Built in 1994, the M/T Gen Antonio Luna has a gross tonnage of 2,139 metric tons and length of 80.16 meters.

According to PSTC, a pre-bidding conference has been scheduled for November 28, to give interested parties the chance to thresh out any concerns with the bidding process. The deadline for the submission of the bids will be at 9 a.m. of December 6.

This vessel was already put up for auction in 2010, but the bidding failed. At that time, PSTC had also bid out the single-hulled M/T Dr. Jose P. Rizal, with a capacity of 2,230 MT at a floor price of P113.2 million.

The Department of Energy earlier said the PNOC board was also exploring the possibility of letting go of its shipping company.

The PNOC-STC is currently engaged in the business of shipping, tankering, lighterage, barging, towing, transport and shipment of goods, chattels, petroleum and other products.

The shipping subsidiary is currently maintaining four tankers, of which three are owned and one is chartered in.

PNOC-STC is one of the five subsidiaries of PNOC. The four others are PNOC-Exploration Corp., which owns the 10 percent Malampaya stake; PNOC-Alternative Fuels Corp.; PNOC-Renewables Corp.; and PNOC-Development and Management Corp.