- December 17, 2016
- News & Events, Press Releases
Harbor Star to Provide 150 TEU for ICTSI’s Project
MANILA, Philippines – Harbor Star Shipping Services, Inc. (PSE:TUGS) is identified as the provider of 150 twenty-foot equivalent unit (TEU) for Cavite Gateway Terminal (CGT) project of International Container Terminal Service, Inc. (ICTSI).
ICTSI is about to develop a gateway terminal in Tanza, Cavite, which would serve as containers handler between Cavite Philippine Economic Zone Authority (PEZA) locators and Manila ports. The annual outturn of the terminal is 115,000 TEUs. CGT is anticipated to commence its operational run by the fourth quarter of next year. The Department of Transportation (DOTr) considers the development as a priority program and also bore on by PEZA.
Two days ago, ICTSI confirms that it would build a roll-on roll-off terminal and common-user barge in Cavite province to help in reducing the trucks traveling roads toward Metro Manila. It has submitted its proposal to the government for evaluation. According to the firm, the project may cost up to $30 million for the first phase.
The first tranche of CGT is inclusive of supporting 115,000 TEU every year, which is equal to fewer by 140,000 trucks plying the capital’s highways. ICTSI added that the project may begin as early as next year’s first three months once approval from the current administration is received. He added that the building of CGT may take around seven months.
The purpose of ICTSI is to mirror the success of Hong Kong’s Mongkok barge port, which happened to be the answer to the nation’s congestion. It became an alternative to the time-consuming development of bridges and roads.
This month, Harbor Star received the green light to raise its follow-on offering to as much as P1 billion in the midst of its global fleet expansion. The company claimed that it has secured the approval of at least two-thirds of its stockholders.
The proceeds of the follow-on offering are anticipated to support domestic feeder vessel services, global fleet expansion, and its project for renewable energy.
Last September, Harbor Star also reported having secured a loan facility provided by Chailease International Financial Services Co. Ltd. worth $2.5 million. The money reserve will finance its international expansion operations and projects.
This year also marked the shipping company’s obtention of contractor’s license from the Philippine Contractors Accreditation Board. Through this permit, it would be able to pursue the secondary purpose of engaging in rehabilitation repair of marine facilities and construction.
For the first six months of the year, the company reported a surge in net income by 274 percent from P17.99 million to P67.38 million.