Entrepreneur Vicente Leyco Montenegro, Sr. founded Montenegro Shipping Lines on September 16, 1978. a pioneer in the Philippines' commercial and public transportation sectors. Using the boat MV Malaya, the company served the initial route from Batangas City to Abra de Ilog, Occidental Mindoro. With a fleet of fast ferries and RORO vessels, MSLI has provided passenger and commercial marine transportation services (cargo or vehicles) to 13 Philippines ports. The company obtained eight additional RORO vessels from the Maritime Leasing Corporation of the Development Bank of the Philippines and other lenders in 2010 for a total purchase price of PH1 billion. The company had more than 30 passenger, cargo, and RORO vessels in operation throughout Luzon and Visayas by 2012. The company will have 59 ships visiting 34 ports in the Philippines by 2020. Additionally, the company controls RORO Bus Transport Services Inc., a Philippine bus company that uses the Strong Republic Nautical Highwa to take passengers to a variety of Philippines-based destinations.

MSLI joined the Philippines' largest shipping organization, the Philippine Coastwise Shipping Association (PCSA), in 2019.