Harbor Star Shipping Services, Inc. (HSSSI) has already generated the equivalent of half of its 2016 revenues from towing services after completing its first towing engagement for 2017.
In a disclosure to the Philippine Stock Exchange, HSSSI said its tug, MV Rho Cas, successfully delivered on February 21 a barge carrying quay cranes to Cai Mep, Vietnam from Oita, Japan.
The towing engagement amounting to US$645,000 is MV Rho Cas’ first overseas job for 2017, the company said.
“The revenue generated is already equivalent to 50% of last year’s towing revenue,” HSSSI noted. Towing is one of HSSSI’s businesses to show positive growth in the first nine months of 2016 with a year-on-year increase of P50.8 million. The company has yet to disclose its full-year financial report.
The maritime service provider described the 9,180-BHP MV Rho Cas as “the most powerful towing tug in the Philippines”. It was purchased in 2013 using a portion of funds the company generated from HSSSI’s initial public offering in the same year.