Harbor Star buys 30% holdings of tugboat operator

Harbor Star Shipping Services Inc. said it acquired a 30-percent stake in a tugboat operator in the Manila South Harbor.

Harbor Star said in a stock exchange it bought 30 percent of the outstanding capital stock of High Energy Marine Services Inc.

Hemsi is the dominant tugboat operator in the Manila South Harbor after registering its highest recorded mid-year container volume this year.

With the acquisition, Harbor Star has interests in the harbor assist operations in the two largest and most active terminals in the Philippines, the other port being Manila International Container Terminal.

Harbor Star is the sole tug assist operator in MICT.

Both terminals in 2017 handled a combined arrival of more than 4,000 foreign vessels. Like Harbor Star, Hemsi also operates in Bataan.

Harbor Star posted a net income of P41.01 million in the first six months of the year from P48.69 million in the same period last year.

The company’s revenues amounted to P211.76 million from last year’s P194.35 million.

Lighterage and other marine services rose with a combined revenue of P113.9 million from P88.1 million.

Salvage income also increased by 63 percent to P54.1 million from P33.2 million.

The salvage income was derived from a successfully re-floated MV Jinming Hao 16, a Chinese vessel that capsized in Rawis in Samar and a recognition revenue from a salvage of Barge Robby in Davao.

Topics: Harbor Star Shipping Services Inc. , Manila South Harbor , High Energy Marine Services Inc. , Manila International Container Terminal
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