THE state-owned Land Bank of the Philippines (LandBank) has filed a legal complaint to take possession of 11 mortgaged vessels belonging to the Cebu City-based Asian Marine Transport Corp. (AMTC).
AMTC operates passenger and freight shipping services primarily through its brands Super Shuttle Roro, Super Shuttle Ferry and Shuttle Fast Ferry, serving 32 to 35 ports across the Philippines.
In a prayer for the immediate issuance ex parte of a warrant of arrest of vessels, filed before the Regional Trial Court in Manila on May 30, 2025, LandBank is asking the court to authorize the arrest and seizure of the ships after AMTC failed to settle loans amounting to P3.67 billion, which are now in default.
The vessels were mortgaged by AMTC to secure loans granted by LandBank and its predecessor, the United Coconut Planters Bank, beginning in 2010. According to the complaint, AMTC’s outstanding obligation to LandBank stood at P3,674,355,437.64 as of May 15.
AMTC also has unsettled loans with the Development Bank of the Philippines totaling P1.479 billion, bringing its total debt to government financial institutions to nearly P5 billion.
AMTC’s loans were restructured in December 2019, but the company failed to meet its new obligations. LandBank stated it sent five formal collection letters from July 8, 2024, to Feb. 17, 2025, but AMTC did not comply with the demands for payment or surrender of the mortgaged assets. The bank described this as a clear default of the loan terms and referred to AMTC’s continued possession of the vessels as unlawful detention.
In its petition, LandBank requested an ex parte warrant of arrest to prevent AMTC from moving the vessels beyond the court’s jurisdiction. The bank said the seizure is necessary to enable the sheriff to take immediate possession of the mortgaged vessels for purposes of extrajudicial foreclosure and sale.
The vessels identified for seizure include mv Super Shuttle Ferry 5, mv Super Shuttle Ferry 6, mv Super Shuttle Roro 7, mv Super Shuttle Roro 9, mv Super Shuttle Ferry 10, mv Super Shuttle RoRo 11, mv Super Shuttle Ferry 12, mv Super Shuttle Roro 14, mv Super Shuttle Roro 16 (also referred to as mv Super Shuttle Rocon 16) and mv Super Shuttle Ferry 17.
LandBank said the ships are stationed in various locations nationwide, complicating foreclosure efforts.
Mv Super Shuttle Roro 9 and mv Super Shuttle Ferry 12 are currently docked at Ouano Port in Mandaue City, while mv Super Shuttle Roro 11 is at the Keppel Batangas Shipyard in Bauan, Batangas. The remaining vessels are serving different ports in the Visayas and Mindanao regions, as well as Manila and Batangas.
Before filing the complaint, AMTC reportedly proposed several arrangements to settle the debt, including payment through the surrender of property and later a revised proposal involving a lease of its operating vessels and container yard. However, LandBank rejected these offers, citing inconsistencies with its lending policies and the company’s failure to agree to terms, including the payment of P25 million in “goodwill money” on or before May 29.
LandBank proceeded with legal action after AMTC failed to meet the final conditions set in a letter sent by the bank on May 27. / CDF