Harbor Star inks 3-year deal with Palau firm

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.

LISTED Harbor Star Shipping Services, Inc. said it has entered into a three-year lighterage service contract with Palau Sea & Air Transport Agency to provide exclusive logistics in transporting construction equipment and materials from the Philippines to Palau, Micronesia and the Marshall Islands.

The equipment and materials will be used for projects identified in the Federated States of Micronesia Infrastructure Development Plan, and also for the construction of structures in support of the territory’s tourism industry, Harbor Star said in a disclosure to the Philippine Stock Exchange on Wednesday.

The first shipment is scheduled at the end of May 2017, it said.

“Harbor Star projects that the 3–year lighterage service contract will result in at least eight additional voyages per year for Harbor Star’s internationally-classed tug and barge tandems,” the company said.

Harbor Star’s MT Procyon and Barge Lynx completed the delivery of 8,000 metric tons of aggregates to Yap Island, a part of the Federated of States of Micronesia, last April 22.

Harbor Star is a provider of maritime services including lighterage, towing, salvage, marine repair and maintenance works as well as commerce and navigation in the carriage of goods and passengers, and international manning, recruitment, contracting and ship and crew management for all types of vessels.

Source: http://www.manilatimes.net/harbor-star-inks-3-year…