Harbor Star buys tugboat as it gears for expansion

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. has secured the Maritime Industry Authority approval to register its newly acquired tugboat.

In a disclosure to the Philippine Stock Exchange on Wednesday, the listed company said the new tugboat MT Reda will support the domestic expansion of the operator. Harbor Star was incorporated in 1988 mainly to engage in harbor assistance (docking and undocking), ship salvage, towage or lighterage, specialized cargo handling operations, and other marine services. “Harbor Star took delivery of MT Reda at the Port of Batangas last December 2016. The 2,956 BHP, 40-ton bollard pull tugboat will augment the continuous domestic expansion of Harbor Star,” the listed operator said in its regulatory filing. MT Reda is the third tugboat imported by Harbor Star in 2016. Harbor Star now manages 41 tugboats in the Philippines and Malaysia. Harbor Star announced last December that it received board approval to raise as much as P1 billion through a follow-on offering to fund its international fleet expansion, domestic feeder vessel services and renewable energy project. It will call for a stockholders’ meeting this quarter to secure the approval of its stockholders. It also secured a $2.5-million loan facility from a company based in the British Virgin Islands to fund its expansion plans and operations. Harbor Star shares added 11 centavos or 3.74% to close at P3.05 each on Wednesday.

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