Petrolift Inc. was incorporated in the Philippines on May 15, 1992 to serve a growing demand in the domestic petroleum tankering industry, i.e., the need for newer and internationally classed petroleum tankers. It was a need brought about by the growing concern for the environment, coupled with the aging fleet of domestic tankers. The Companyâ€™s founders are the Leonio Family who have been in marine related businesses (deep-sea fishing, shipyard operations, shipping, ports and terminals) for four (4) generations. The company believes that its continuing success can be attributed to the effective turn-over of management to the next generation enabling the company to attain its objectives and sustain its growth. Petrolift pioneered the transformation and modernization of the domestic tankering industry when it introduced in 1993 the countryâ€™s first locally-built internationally classed tanker-barge, which earned the â€œMaltese Crossâ€? rating from the American Bureau of Shipping (ABS), one of the world's leading ship classification societies and a member of the International Association of Classification Societies (IACS). The â€œMaltese Crossâ€? rating is the highest class distinction for vessel construction. This was immediately followed by the delivery of another newly-built ABS-classed tanker-barge, which also earned the Maltese Cross notation. Both vessels were chartered by one of the major oil companies in the Philippines, Caltex Phils., Inc. (now Chevron) under long-term contracts. The introduction of these internationally-classed vessels to the domestic tankering industry gave Petrolift the first mover advantage, and since then, the Company has consistently been a leader in complying and applying world-class standards. In mid 2007, the shareholders of the Company decided to consolidate ownership by integrating Transoil Corp., Seatrans Corp. and Translift Ship Management, Inc. into Petrolift Inc. as wholly-owned subsidiaries. In August 2007, Petrolift formed another subsidiary, Oceanlink Tankers Incorporated, to own the Groupâ€™s 3rd brand-new double hull tanker. Later, Marinelink Tankers Corporation and Equasis Logistics Incorporated were also In April 2010, Petrolift, Inc. has entered into a partnership with Soleado Holdings Pte. Ltd. (â€œSoleadoâ€?), a wholly owned subsidiary of Thoresen Thai Agencies (â€œTTAâ€?), a company listed in the Stock Exchange of Thailand, resulting in the ownership by Soleado of a significant minority stake in Petrolift. TTA was established in 1904 and is presently one of Thailandâ€™s largest owners of Handysize, Handymax, and Supramax dry bulk vessels which trade internationally. TTAâ€™s vessels range in size from 16,211 to 54,123 deadweight tonnes and carry a broad range of major and minor bulk cargoes, including iron ore, coal, grains, cement, fertilizers, steel products, and forest products. Currently, its fleet comprises over thirty (30) dry bulk vessels. The company has also expanded its investment into other business areas, such as offshore services, fertilizers, logistics and related shipping services business. Petrolift believes that this strategic partnership is a sign of confidence of TTA in the Philippines and in Petrolift in particular, and that this will open new opportunities for Petrolift in tankering, logistics and allied marine services, not only in the Philippines, but also in its neighboring countries.