Harbor Star 2023 profit up 83.5% to P19.3M

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Harbor Star's tugboat, MT Zaniah. Photo from HSSSI's website.
  • Harbor Star Shipping reported a net profit of P19.3 million in 2023, an improvement of 83.5% from the P10.5 million posted in 2022
  • Consolidated service income was at P2.663 billion, a 1.4% decline from P2.7 billion in 2022
  • A major contributor to last year’s income was the oil spill response services which jumped from P134 million to P488 million

Harbor Star Shipping Services, Inc. (HSSSI) reported a 2023 net profit of P19.3 million, up 83.5% from P10.5 million posted in 2022.

Consolidated service income for 2023 was at P2.663 billion, a 1.4% decline from P2.7 billion in 2022, HSSSI said in a regulatory disclosure.

The group said a major contributor to last year’s income was the oil spill response services which jumped from P134 million in 2022 to P488 million in 2023.

On March 7, 2023, HSSSI entered into a contract to provide oil spill response services for MT Princess Empress which sank off Oriental Mindoro on February 28, 2023. HSSSI recovered a total of 574 tons of solid contaminated waste.

In Balabac, Palawan, HSSSI also mobilized its resources to respond to another oil spill incident stemming from the half-sunken Viet Hai Star vessel.

Revenues from harbor assistance grew 16% to P1.784 billion from P1.537 billion in 2022.

HSSSI said it assisted 5,207 foreign vessels and 2,916 domestic vessels in 2023.

Towing services revenue surged 12% to P56.603 million from P50.580 million while revenue from construction services improved 13.4% to P72.598 million from P63.997 million.

Lighterage services saw a 4.8% year-on-year decline in revenues to P113.086 million, while salvage income dropped 98% year-on-year to P8.928 million.

Cost of services increased by 9.7% to P1.806 billion in 2023 from P1.646 billion in 2022 mainly due to higher costs of rent, port expense, professional fees, repairs and maintenance, taxes and licenses, transportation and travel, communication, light and water, insurance and supplies and construction supplies.

As of December 2023, HSSSI maintains and manages a fleet of 63 vessels composed of 53 domestically- and internationally-classed tugboats; seven barges; one landing craft tank; one dredger, and one other marine vessel.

It has established operations in more than 10 base ports all over the country, providing services to approximately 8,123 ships as of yearend 2023.

HSSSI’s subsidiaries and affiliates include Harbor Star Subic Corp., Peak Flag Sdn Bhd, Harbor Star Energy Corp., Harbor Star East Asia (Myanmar) Ltd., Harbor Star Construction Corp., Astronergy Development Gensan Inc.; Astronergy Development F1, Inc.; Astronergy Development F2, Inc.; and Kaibuok Star Shipyard Inc.