Harbor Star secures Marina registration of new tugboat

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. on Wednesday said it secured an approval from regulator Maritime Industry Authority to register its newest tugboat.

Harbor Star said it received MT Reda at the Port of Batangas in December 2016.

“The 2,956 BHP
40-ton bollard pull tugboat will augment the continuous domestic expansion of Harbor Star,” the company said in its disclosure.

MT Reda was the third tugboat imported by Harbor Star in 2016.

The company now manages 41 tugboats in the Philippines and in Malaysia.

Last September the company signed a $2.5-million credit-financing facility with Chailease International Financial Services Co. Ltd. to fund the company’s expansion plans and operations overseas.

Chailease is a company based on the British Virgin Island. Its line of services includes leasing, installation, factoring, corporate-direct loan and off-shore financing.

Harbor Star, among a handful of shipping firms listed in the Philippine Stock Exchange, has been expanding its business with allied fields in the maritime industry. It secured its contractor license with the Philippine Contractors Accreditation Board in August to engage in the construction-contracting business in the Philippines under the principal classification of general engineering and general building.

Source: https://www.businessmirror.com.ph/harbor-star-secu…