Harbor Star bags deal in Malaysia

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., a leading provider of harbor assistance, lighterage, salvage and towing operations in the country, has bagged a new deal to provide ship-to-ship operations and harbor services at Malacca Strait in Malaysia.

Harbor Star told the Philippine Stock Exchange on Friday that its subsidiary Peak Flag Sdn. Bhd. had secured a two-year charter contract with Ka Petra Sdn. Bhd. to provide such ship-to-ship operations and harbor services at Malacca Strait.

The company invested in Peak Flag, a company engaged in the provision of tugboat harbor assist and marine support services in Malaysia, in 2012.

The tugboats to be chartered, MT Hamal (3200 BHP) and MT Mirzam (3600 BHP), operated at Malaysia’s North Port and Kuantan Port last year.

The contract will commence February 2016, said the company, which trades on the local bourse under the ticker “TUGS.”

SOURCE: http://business.inquirer.net/206705/harbor-star-ba…