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FastCat gets funding for new vessels

In line with its goal to bridge the country’s 7,000-plus islands through reliable vessels, Archipelago Philippine Ferries Corporation (APFC), the shipping company that operates FastCat, has received $ ......

  • Philippines
  • Shipping, Ports & Waterways
  • 17 Oct 2018
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Description In line with its goal to bridge the country’s 7,000-plus islands through reliable vessels, Archipelago Philippine Ferries Corporation (APFC), the shipping company that operates FastCat, has received $12.7-million in funding from Asian United Bank (AUB) to finance the construction of two new ferries, and $13.28-million from United Coconut Planters Bank (UCPB) for the construction of two more new ferries. The ceremonial signing was attended by executives and officers from AUB, UCPB, the ship builder Guandong Bonny Fair Heavy Industry Ltd. (Hong Kong) general manager Mr. Wang Tao, and the ship design company Greenbay Marine Group (Singapore) managing director Mr. Raymond Toh. APFC aims to provide safe, fast, and convenient sea transport of goods and passengers by offering efficient vessels designed to withstand the country’s unpredictable weather conditions. With four new vessels underway, FastCat opens additional routes that include Batangas to Marinduque, Lucena to Marinduque, Cebu to Masbate, Cebu to Leyte, and Mindoro to Palawan. “We’d like to thank our partners for supporting and believing in us. It gives us the assurance that what we’re doing is helping build a better Philippines, and helping our countrymen to have better options in moving people and goods all over the country without compromising safety,” said FastCat chief executive officer Christopher Pastrana. The upcoming four vessels are set to be improved iterations of the existing APFC’s fleet, which will have better amenities such as reclining seats with food tray provisions, a snack bar, a toilet at the economy section, new design for better sea handling and passenger comfort, a special area for persons with disability at the main deck, environment-friendly engines, and so much more. “We find and support projects that can impact the lives of people as well as develop businesses that impact our goals, and the shareholders,” said AUB senior vice president Andrew Yap. “We celebrate the memories, partnerships, and the future that we are helping to bring about. We thank you for that and we encourage everyone to do your best because this is really something worth the full effort.” These initiatives are still part of the company’s modernization program to achieve its goal of “30 FastCats by 2020 vessels,” which APFC believes is a necessity for an archipelagic country like the Philippines.
Industry Shipping, Ports & Waterways
Source http://www.malaya.com.ph/business-news/business/fastcat-gets-funding-new-vessels

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