September 17, 2014 6:53 AM 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. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Harbor Star Shipping Services, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported service income of PHP 284,999,303 against PHP 219,815,643 a year ago. Net income was PHP 48,206,425 against PHP 20,051,939 a year ago. Operating income was PHP 50,513,670 against PHP 33,062,562 a year ago. Net income before tax was PHP 68,724,789 against PHP 28,547,214 a year ago. For the six months, the company reported service income of PHP 555,746,373 against PHP 426,793,921 a year ago. Net income was PHP 90,828,352 or PHP 0.15 basic and diluted per share against PHP 51,513,424 or PHP 0.12 basic and diluted per share a year ago. Net income before tax was PHP 124,293,625 against PHP 73,650,607 a year ago. Operating income was PHP 112,879,314 against PHP 91,841,850 a year ago. Net cash flow from operating activities was PHP 135,122,381 against PHP 146,137,355 a year ago. Acquisition of property and equipment was 147,760,674 against PHP 241,163,220 a year ago.

Harbor Star Shipping Services, Inc. Approves Amendment of Article of the Articles of Incorporation

On 17 July 2014, the board of directors of Harbor Star Shipping Services, Inc. approved the amendment of the second article of the articles of incorporation of the company by changing the company's primary and secondary purposes as: for the primary purposes, to include international towage, commerce and navigation in the carriage of goods and passengers, and international manning, recruitment, contracting and ship and crew management for all types of vessels. For the secondary purposes, to include: operate liner and feeder vessels and barges; invest in, develop, manage and/or operate in domestic and international shipyards, ports and terminals; import, export, trade, buy and sell coal, oil, bunker, construction material, rice, corn and other commodities; engage in offshore marine and engineering works; construction and rehabilitation of marine facilities; acquire by purchase, lease, donation or otherwise, and to own, use, improve, develop, subdivide, sell, mortgage, exchange, lease, develop, operate and hold for investments or otherwise, real estate of all kinds, and to perform all acts which are incidental and necessary to the real estate business. The amendment of the second article of the articles of incorporation of the company is subject to the approvals of the stockholders of the company representing 2/3 of the outstanding capital stock and relevant regulatory government agencies.

Harbor Star Shipping Services, Inc. Approves Regular Cash Dividend, Payable on 11 July 2014

On 2 June 2014, the Board of Directors of Harbor Star Shipping Services, Inc. approved the declaration of a regular cash dividend of PHP 0.035 per outstanding common share or in the total amount of Twenty One Million One Hundred Eighty Three Thousand Three Hundred Fifty and 30/100 Pesos, out of the company's unrestricted retained earnings of Three Hundred Nine Million Two Hundred Forty One Thousand Eight Hundred Fifty Eight Pesos for the year ending 31 December 2013, to stockholders of record of the company as of 17 June 2014, payable on 11 July 2014.

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