Tuesday, October 26, 2021
Home3PL/4PLHarbor Star reports modest increase in first-semester income

Harbor Star reports modest increase in first-semester income

Harbor Star Shipping Services assists more than 5,500 vessels per year throughout the Philippines. Photo from harborstar.com.ph

Harbor Star Shipping Services, Inc. (HSSSI) reported a service income of P678.3 million for the first half of 2019, a 4% increase from the P655.2 million earned for the same period in 2018.

The new service line–feeder services, together with salvage services, contributed an aggregate of P103 million to the total service income of the group for the first semester of 2019, HSSSI said in a disclosure to the Philippine Stock Exchange.

The group also managed to participate in the salvage of MV Diamond Highway, a 200-meter car carrier that caught fire close to Recto Bank on the West Philippine Sea. As first salvor, HSSSI put out the fire then towed the abandoned ship, preventing it from drifting to protected marine areas and populated places.

Regular revenue sourced from harbor assistance posted a 1.8% increase to P482.6 million from P474.3 million. On the other hand, revenue from lighterage services dropped 17% to P52.137 million from P62.654 million; that from towing services fell 32% to P8.702 million from P12.85 million; and that of other marine services declined 38% to P31.807 million from P12.85 million.

Revenue contribution from subsidiaries Peak Flag Sdn Bhd and Harbor Star Subic Corp. amounted to P29.6 million and P11.4 million, respectively.

Cost of services increased 20% to P530.8 million from P443.41 million, mainly due to higher depreciation in relation to the group’s growing fleet. Moreover, fuel purchases and rent expense increased during the period, all in relation to the group’s continuous effort to boost its revenue-generating activities.

Other subsidiaries under the group include Harbor Star Energy Corp, Astronergy Development Gensan Inc., Astronergy Development F1, Inc., Astronergy Development F2, Inc., and Harbor Star East Asia (Myanmar) Limited.

Last year, the group also subscribed to 31% of the shares of Hi-Energy Marine Services, Inc., now an associate of HSSSI.

As of end-2018, HSSSI, including its subsidiaries and affiliates, has services in about 89 ports in the Philippines, providing services to some 10,033 ships. Major ports serviced by the company include Manila International Container Terminal, Manila South Harbor, Bataan, Batangas, Cagayan de Oro, Davao and Iloilo.

The company maintains and manages a fleet of more than 50 vessels including locally and internationally classed tugboats, barges, a landing craft tank, one cargo vessel, and one oil spill response vessel.


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