Harbor Star forms JV with Guam Industrial

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.

TUGBOAT OPERATOR Harbor Star Shipping Services, Inc. is partnering with a Guam-based firm for a joint venture (JV) company that will cash in on the growing demand for floating dry dock facilities in the Philippines.

“Harbor Star signed an agreement with Guam Industrial Services, Inc. to establish a joint venture company that will operate several floating dry dock facilities in the Philippines,” the company told the Philippine Stock Exchange yesterday.

The new company will target foreign and domestic vessels in the Philippines and around neighboring countries calling at Southeast Asian ports. It will serve vessels as long as 190 meters and as wide as 30 meters.

Guam Industrial has been in ship repair and related industrial services for 19 years, with expertise in dry docking, major engine overhaul, sea side repair, and vessel conversion. It operates Guam Shipyard and its main clients are the US Navy and the US Coast Guard.

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

“With the combined expertise and experience, the [joint venture company] intends to cater to the growing demand for additional dry dock facilities in the Philippines,” the disclosure read.

SOURCE:http://www.bworldonline.com/content.php?section=Co…