Harbor Star signs strikes quality inspection deal

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HARBOR Star Shipping Services, Inc. has struck a deal for the quarterly inspection of its port facilities as it continues to strengthen its marine ancillary services.

In a disclosure to the stock exchange on Friday, the listed shipping firm said it has signed an agreement with a petroleum company for the quarterly inspection of its single buoy mooring/conventional buoy mooring facility and main pier anodes and steel piles. The agreement covers a period of one year, set to start this month and run until October 2018.

The agreement forms part of the company’s efforts to boost its marine ancillary services, which also include port construction, pier repair, as well as other marine port related developments.

“TUGS’s continued aggressiveness in improving its services is in line with its vision to be the leading marine services provider in the Philippines,” the company said in the disclosure, referring to itself by its ticker symbol.

Harbor Star ended 2016 with a total of 15 base ports in the country. It also services major ports such as the Manila International Container Terminal, and those of Bataan, Batangas, Cagayan de Oro, and Davao. The company’s fleet consists of 40 tugboats, five barges, a cargo vessel, an oil spill response vessel, and an anchor handling tug supply vessel.

Harbor Star saw its attributable profit decline by 35% in the first half of 2017 to P46.7 million, amid a 6.78% drop in revenues to P632 million.

Shares in Harbor Star increased by 1.2% or three centavos to close at P2.52 each at the Philippine Stock Exchange on Friday. – Arra B. Francia