MANILA, Philippines – Here are some information on Shogun Ships Company Incorporated (SSCI), the company that owns Motor Tanker Terranova. The tanker capsized and submerged off Limay, Bataan, last July 25, carrying 1.4 million liters of industrial fuel oil.
Shogun Ships is a local shipping firm that businessman Vicente Cordero Jr. established back in 2002. The company was registered with the Securities and Exchange Commission (SEC) on November 28, 2002.
Aside from MT Terranova, Shogun Ships’ fleet for transporting petroleum products includes:
- MT Leila Micaela
- LPGC Aleah Louise
- MT Alyssa Isabel
- MT Helen Marie
- MT Melissa Rae
Here’s some information from documents the company submitted to the SEC, as obtained by Rappler.
Shogun Ships’ primary purpose is to engage in “the general business of domestic shipping, to own and operate vessels of any class, type of description of domestic trade, to charter in and out such vessel.”
Its officers are:
- Vicente M. Cordero Jr. (Chairman)
- Vicente J. Cordero III (President)
- Jocelyn J. Cordero (Treasurer)
- Claire D. Tiangco (Member)
- Leonell C. Mojal-Infante (Secretary)
The majority of shares are owned by the Cordero family, with Vicente Cordero Jr. owning 45% of shares, exceeding that of Cordero Alliance Holdings at 37.20%.
Vicente Cordero III, who currently serves as Shogun Ships’ president, owns 2.19% of shares. The company’s total paid-up capital is P1 billion.
Since the sinking of MT Terranova, only Leonelle Mojal-Infante, carrying the name of Portavaga Ship Management Incorporated, gave an interview to deny the allegations that their tanker was involved in oil smuggling. The Department of Justice had said that they are currently investigating the events that led to the oil spill, looking at the possibility that the “paihi” system — where a large tanker transfers oil to smaller tankers to evade taxes — was carried out.
Portavaga was registered with the SEC on March 28, 2011.
Its primary purpose is “to carry on the business of ship management and to act as agent, broker, ship chandler, or representative of foreign shipping corporation and individuals.”
The company’s revenue for 2023 reported to the SEC amounted to P113,278,229. Revenue pertains to “services provided to Shogun Ships. Co. Inc. for vessel operations and crewing management,” according to their financial statements covering 2022 to 2023.
Portavaga’s officers are:
- Vicente J. Cordero III (president)
- Aldrian Jefferson S. Tiangco (treasurer)
- Kevin Ray M. Notarte
- Jocelyn J. (corporate secretary)
- Leonelle C. Mojal-Infante (assistant corporate secretary)
Its total paid-up capital is P500,000, raised by five stockholders.
Both SSCI and Portavaga’s office are in Pasig City, around three kilometers away from each other.
Move into passenger sector
Aside from transport of petroleum products, Shogun Ships has also ventured into the passenger sector.
It owns Island Water, a company that owns and operates roll-on/roll-off (RoRo) vessels. On its website, Island Water says it aims to “provide high quality service with a touch and feel of a cruise ship.”
The RoRo vessels that Island Water owns include the following:
- MV Isla Simara
- MV Island Calaguas
- MV Island Biri
- MV Island Calayan
These ships ply routes from Batangas to Abra de Ilog in Occidental Mindoro, and from Batangas to Puerto Galera.
In 2019, Shogun Ships supported the government’s Cavite-Metro Manila ferry service, giving free rides on the MV Island Sabtang for the first month.
While they have been in talks with local governments and the Philippine Coast Guard for compensation and oil spill response, Shogun Ships has yet to formally address the public and answer questions on accountability in relation to the maritime disaster.
On the night of July 24, MT Terranova started listing on Bataan waters while being towed by a tugboat. The next day, the ship sank. Shogun Ships had contracted salvor Harbor Star to conduct siphoning and salvage operations. – Rappler.com