A SUBSIDIARY of listed firm Harbor Star Shipping Services, Inc. said it signed a deal with a Malaysian wholesaler to provide it with harbor tug services.
In a disclosure to the stock exchange Thursday, the tugboat and cargo vessel firm said its subsidiary in Malaysia, Peak Flag Sdn Bhd, was tapped by Westports Malaysia Sdn Bhd to provide its services in Port Klang.
“Peak Flag will provide a 60-ton bollard pull tug for a period of three years with an option for extension for another two years. Peak Flag is expected to commence the harbor tug services to Westports Malaysia on the 3rd week of June 2019,” it said.
Port Klang is Malaysia’s main sea gateway, where Harbor Star said Westports Malaysia is the biggest terminal operator handling 75% of the port’s throughput. It noted in the first quarter, Westports Malaysia handled a total of 2.53 million twenty-foot equivalent units (TEUs) and 2.36 million metric tons of conventional cargo from the port.
Harbor Star posted an attributable loss of P84.6 million in the January to March period, a turnaround from its attributable profit of P27.3 million in the same period last year, due to a 12% drop in service income.
It earlier said its plan was to sign more exclusive service contracts with companies to help it ensure recurring revenue.
Harbor Star signed such deals with Mariveles Grains Corp. (MGC), GNPower Kauswagan Ltd. Co. and Chevron Philippines, Inc. to offer its range of services to the companies. — Denise A. Valdez
