Harbor Star sees revenues surpassing Php 1.1-B mark on local, ASEAN expansion

By Leslie D. Venzon

MANILA, June 17 (PNA) — Listed integrated maritime service provider Harbor Star Shipping Services Inc. expects its revenues in 2015 to surpass last year’s Php1.1 billion, as it enters new local and overseas markets and diversifies into other businesses.

Company chairman and president Geronimo Bella Jr. expressed optimism about the business, noting it is looking at other ports to augment this year’s revenues to offset the expected impact of the 2014 congestion in the ports of Manila.

“We haven’t gone to Iloilo and Bacolod. Maybe that’s the alternative option,” he said in an interview after the company’s stockholders’ meeting on Wednesday.

Bella said its new harbor assisted business in General Santos, and that Cebu was slowly picking up.

Overseas, Bella said the company was upbeat in finally penetrating new markets in the Association of Southeast Asian Nations (ASEAN).

“The impending ASEAN Economic Integration is timely as we continue to develop business partnerships in countries such as Indonesia, Malaysia and Vietnam,” he said.

Further, Bella said they were diversifying into new businesses, particularly coal trading.

“We will probably be doing commercial vessels because of the increase in traffic in trade… We are also looking at probably engaging in the coal trading because of the power plants. (With the) increasing number of people, the energy requirement is also increasing.”

Harbor Star’s line of services includes harbor assistance, lighterage, towage, ship salvage, ship management, diving and underwater works and other specialized services.

In 2014, the company posted a 22.8-percent surge in revenues to Php1.1 billion from previous year’s Php898 million mainly on the back of growths in lighterage and underwater marine works services. (PNA)