Harbor Star Subsidiary Snags Malaysia Charter Contract

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.

Malaysian tugboat and marine services provider Peak Flag Sdn. Bhd., a subsidiary of Philippine-based Harbor Star Shipping Services, Inc., has secured a two-year charter contract to provide ship-to-ship (STS) operations and harbor services in Malacca Strait.

In a disclosure to the Philippine Stocks Exchange, Harbor Star said Peak Flag’s contract with Malaysia-based Ka Petra Sdn. Bhd. will start in February.

Harbor Star owns 45% of Peak Flag while Ka Petra is a marine lubricants distributor, STS transfer provider, and bunkering services provider.

Harbor Star said the tugboats to be chartered, MT Hamal (3200 brake horsepower) and MT Mirzam (3600 BHP), operated at Malaysia’s North Port and Kuantan Port last year.

Apart from Peak Flag, the other Harbor Star subsidiary is recently incorporated Harbor Star Subic Corp. Harbor Star offers services at 64 ports in the Philippines, with 13 as base or hub ports–Bataan, Batangas, Bohol, Cagayan de Oro, Davao, General Santos, Leyte, Manila International Container Terminal, Palawan, Semirara, Surigao, and Maubay and Sariaya in Quezon.

SOURCE:http://www.portcalls.com/harbor-star-subsidiary-snags-malaysia-charter-contract/#