Harbor Star Shipping Services Inc. (TUGS), a publicly-listed tugboat and salvaging firm, has entered into a partnership with Kaibuok Shipyard (M) Sdn. Bhd. of Malaysia to venture into shipbuilding and repairs.
In a disclosure to the Philippine Stock Exchange (PSE), TUGS said the Securities and Exchange Commission (SEC) has approved the incorporation of Kaibuok Star Shipyard Inc. (KSSI) with an authorized capital stock of P55 million.
KSSI’s authorized capital stock of P55 million is divided into 55 million common shares with a par value of P1.00 per share, which has been fully subscribed and paid-up.
TUGS subscribed to 30 percent of the issued and outstanding capital stock of KSSI equivalent to P16.5 million while the 70 percent equity amounting to P38.5 million was subscribed and paid up by Kaibuok Shipyard.
“The primary purpose of KSSI is to build, construct, fabricate, repair, own, manage, operate, maintain, buy, sell, or otherwise deal in and with ships, vessels, boats, and marine structures of every kind and nature,” said TUGS.
It also includes graving docks, drydocks, floating docks, various land, and other structures and other conveniences for building, repairing, or docking of ships and other vessels for building and repairing marine and other land structures.
TUGS’ service lines include harbor assistance, lighterage, towing, ship salvage, marine construction, repair and maintenance works, and other marine services.
Other marine services include oil and chemical spill response, diving and underwater work, and ship and crew management.
As of Dec. 31, 2022, TUGS has operations in 11 base ports all over the country, providing services to approximately 8,086 ships as of yearend 2022.
The major ports of TUGS services include the Manila International Container Terminal, Manila South Harbor, Bataan, Batangas, Cagayan de Oro, Cebu, Davao, and Iloilo.
The company maintains and manages a fleet of 52 domestically and internationally classed tugboats, seven barges, one landing craft tank, one dredger, and one other marine vessel. It has a total of 62 vessels.
TUGS’ subsidiaries are Harbor Star Subic Corp.; Peak Flag Sdn. Bhd.; Harbor Star Energy Corporation; Harbor Star East Asia (Myanmar) Ltd.; and Harbor Star Construction Corporation.