Madrigal Shipping Lines
|Founded||19 October 1963|
|Founder(s)||Jose Paulo Madrigal|
|Headquarters||St. Leonards, NSW, Australia|
|Key people||Jose Paulo Madrigal (Founder),
Ravinger Clements (Chairman and Representative Director as of 19 April 2008),
Mischa S.K. Singh (Vice Chairman and Representative Director),
Lenard Brismo (President and Representative Director),
Alvin Madrigal (Representative Director)
|Products||Luxury Cruise, Cargo|
|Net income||A$76 million|
The company ventured to another field and built more companies, now called the Madrigal Group which operates mainly in Australia, Malaysia, Philippines, Macau, Singapore, Italy and recently opening its company's arm in the Netherlands. Information are limited due to the company's privatization.
The company is the maker of 16 cargo vessels and 3 luxury cruise liners including the Sun Princess and Dawn Princess operating in the Australia-Pacific, Europe and Asia. The company itself owns 11 cargo Vessels based in Australia and operates worldwide.
The company was established in Barcelona, Spain on 1963 by Jose Paulo Madrigal, a Spanish merchant. Prior to the company's founding, he married Filomena Anastacio, a Filipino doctor based in Madrid on 17 January 1959. They later moved to the Philippines from 1977 to 1980. Due to lack of proper management, the company filed bankruptcy on 4 August 1978.
The family migrated to Australia by the end of the decade and with the help of the Australian Government, the company was rebuilt. It borrowed loans from the government and established a Pacific charter and pacts with other Pacific liners.
On 29 March 2008, an unexpected announcement was made by the company executives to sell 76% of the stakes to a non-shipping firm, BlueFreeway. Rumors spread that the actions were due to financial mal-handling. The company spokesperson, George Whitney, however denied the speculations and said it was part of their global commitment to enhance and spread their service. The deal officially ended on 4 April 2008.
Assets and Finances
The company suffered major losses for three consecutive years, 2003, 2004, and 2005. However, it regained stability with the new officials appointed.
In 2005, the company posted a 15% higher remittance.
On March 2008, an announcement that 76.1% of the company is to be sold to the marketing communication company, BlueFreeway, although the Madrigals will continue to own 23.9% stake. The deal was finalized on 4 April 2008.
Other properties that are registered under the Madrigal assets includes Mad Laboratories LTD.- Singapore, M&B Financial Pacific - Australasia, Cinnabar Farm Estates - Australia & New Zealand, Georgetown Garments - New Zealand, Cellar Mansions - Philippines.