In a memorandum, Marina suspended the shipping firms operations in the Masbate-Lucena route until it has fully paid the victims families.
The agency also denied the companys petition to extend its authority to operate in this route to another vessel, M/V Erlinda.
Acting Marina administrator Oscar Sevilla said the families of the 44 confirmed dead would each receive P100,000 from Capital Insurance Company, the shipping firms insurer.
Twenty-eight people were recorded as missing in the sea tragedy. Seventy-four others were injured. Jose Aravilla