Harbor Star acquires 30% stake in tugboat operator
HARBOR STAR Shipping Services, Inc. (HSSSI) on Thursday said it acquired 30% of Hi-Energy Marine Services, Inc. (HEMSI), a tugboat operator at the Manila South Harbor.
“With the acquisition, (Harbor Star) now has interest in the harbor assist operations in the two largest and most active terminals in the Philippines, the other port being Manila International Container Terminal operated by ICTSI. TUGS is the sole tug assist operator in MICT,” the company said in a disclosure to the stock exchange.
HEMSI operates tugboats at the Manila South Harbor, which is operated by listed company Asian Terminals, Inc. (ATI).
“The acquisition cost for 30% of the outstanding capital stock of HEMSI is less than 10% of (Harbor Star’s) total stockholders’ equity as of 30 June 2018,” the listed company said.
Harbor Star noted Manila South Harbor saw record-high container volume in the January to June period this year, reaching 560,000 twentyfoot equivalent units (TEUs) of foreign containerized shipment.
Aside from its operations at the Manila South Harbor, HEMSI also offers its tugs services at the North Harbor, North Harbor Center, MICT for anchorage, Bataan ports and Rosario, Cavite.
Harbor Star reported a 66% drop in its attributable net income to P8.791 million during the second quarter, bringing the six-month tally 23% lower to P36 million. —