Harbor Star, Guam ship repair firm to operate dry dock facilities in PHL

Net income after tax fell by 26.55% to P9.18 million in the third quarter from P12.49 million in 2014’s comparable period, according to its financial statement released yesterday. Net income after tax fell by 26.55% to P9.18 million in the third quarter from P12.49 million in 2014’s comparable period, according to its financial statement released yesterday.

Harbor Star Shipping Services, Inc., has signed a joint venture agreement with Guam Industrial Services, Inc. to establish a firm that will operate several floating dry dock facilities in the Philippines.

In a disclosure to the Philippine Stock Exchange, Harbor Star said that they intend to cater to the growing demand for additional dry dock facilities in the Philippines.

The target clients of the joint venture company will include foreign and domestic vessels within the Philippines and around neighboring countries calling South East Asia. The planned capacity includes servicing vessels as long as 190 meters and as wide as 30 meters.

The Maritime Industry Authority (MARINA) of the Philippines requires that all Philippine-registered classed ships be drydocked twice within a period of five years. All non-classed ships shall be drydocked annually.

As of December 31, 2015, there are 9,981 vessels registered with the MARINA.

Harbor Star has been in the marine services industry for 18 years and provides services like harbor assistance, towage, salvage, diving and marine maintenance, and pier repair and construction.

The Company maintains a fleet of 45 watercraft comprising of tugboats, barges, and specialized vessels. It currently services more than 70 ports and terminals throughout the Philippines.

Guam Industrial Services, Inc. has been in the business of ship repair and related industrial services the past 19 years. Its expertise includes dry docking, major engine overhaul, sea side repair, and vessel conversion.

The company operates Guam Shipyard in the United States organized territory of Guam and its main clients are the US Navy and the US Coast Guard.

SOURCE: http://www.mb.com.ph/harbor-star-guam-ship-repair-…