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March 26, 2015 3:48 PM ET

Transportation Infrastructure

Company Overview of Harbor Star Shipping Services, Inc.

Company Overview

Harbor Star Shipping Services, Inc. provides a range of maritime services in the Philippines. It offers harbor assistance services for public or open ports, as well as to private ports managed by corporations engaged in the oil and gas, power, and mining industries; lighterage services for transporting different types of cargo domestically; salvage services for vessels in distress and wayward vessels, as well as wreck removal services; and regular and emergency towage services. The company also provides other marine services comprising oil and chemical spill response, ship repairs, buoy construction deployment and maintenance, ship and crew management, fire fighting, and offshore tug service...

2224 A Bonifacio Street corner Sergio Osmeña Highway

Bangkal

Makati,  1233

Philippines

Founded in 1988

294 Employees

Phone:

63 2 889 6410

Fax:

63 2 887 2103

Key Executives for Harbor Star Shipping Services, Inc.

Harbor Star Shipping Services, Inc. does not have any Key Executives recorded.

Harbor Star Shipping Services, Inc. Key Developments

Harbor Star Shipping Services, Inc. Approves Amendments to By-Laws

The Board of Directors of Harbor Star Shipping Services, Inc. approved the amendment of Section 1, Article I of the By-Laws of the company to change the date of the annual meeting of the stockholders of the company from every third Wednesday of June to every last Wednesday of May of every year.

Harbor Star Shipping Services, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Harbor Star Shipping Services, Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported service income of PHP 261,303,836 against PHP 241,813,771 a year ago. Net income was PHP 21,961,287 against PHP 31,143,714 a year ago. Operating income was PHP 24,350,960 against PHP 52,410,392 a year ago. Net income before tax was PHP 21,961,287 against PHP 41,184,996 a year ago. For the nine months, the company reported service income of PHP 817,050,209 against PHP 668,692,921 a year ago. Net income was PHP 103,320,346 or PHP 0.17 basic and diluted per share against PHP 82,657,138 or PHP 0.12 basic and diluted per share a year ago. Operating income was PHP 137,230,275 against PHP 144,252,242 a year ago. Net income before tax was PHP 146,254,912 against PHP 114,835,603 a year ago. Net cash flow from operating activities was PHP 297,092,183 against PHP 204,116,341 a year ago. Acquisition of property and equipment was 426,702,621 against PHP 271,250,382 a year ago. The favorable growth in revenues is due to higher revenues from towing services of PHP 77.32 million as of September 2014 compared to PHP 4.2 million as of September 2013. Escort services, barge repair and other marine services caused the increase in other services by PHP 21.3 million from PHP 6.6 million as of September 2013 to PHP 27.9 million as of September 2014. Salvage Income and lighterage services likewise increased by 89% and 27% respectively year-on-year. In addition, there was a slight PHP 2.1 million increase in net revenues from harbor assistance as of September 2014.

Harbor Star Shipping Services, Inc. Proposes Amendment to Articles of Incorporation

Harbor Star Shipping Services, Inc. announced that the special meeting of the stockholders will be held on November 28, 2014. At the meeting the shareholders will consider amendment of articles of incorporation.

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