Listed Philippine firm Harbor Star Shipping Services, Inc. recently purchased a P4.3-million landing craft transport barge for its lighterage operations.
In a disclosure to the Philippine Stock Exchange last week, Harbor Star said the funds used for the purchase were from a portion of proceeds from its initial public offering.
The acquisition was traced to a memorandum of agreement on February 27 for the purchase of barge Queen Jade.
The vessel brings to 28 the total number of tugboats in Harbor Star’s fleet deployed in 12 base ports around the country.
Major ports serviced are Bataan, Batangas, and Cagayan De Oro. Harbor Star is also the sole tugboat services provider of the Manila International Container Terminal.
The company was listed in the Philippine bourse on October 30, 2013.
