-
Harbor Star Shipping Services, Inc. posted a profit of P39.94 million in the first quarter of 2026, a 61.2% increase from the P24.78 million in the same quarter last year
-
The group’s net service income was 3.69% lower at P610.67 million
-
Revenue from harbor assistance, lighterage, underwater services, and solar power generate grew during the first quarter, while revenue from other business segments declined
-
Harbor assistance, which accounted for the biggest share to total net service income, recorded a 5.7% increase in revenue
Harbor Star Shipping Services, Inc. (HSSSI) posted a profit of P39.942 million in the first quarter of 2026, a 61.2% increase from P24.78 million in the same quarter last year.
The group’s net service income amounted to P610.67 million in the first three months, 3.69% lower than P634.09 million posted in the same period last year, HSSSI said in a regulatory disclosure.
Harbor assistance, which accounted for the biggest share to total net service income, recorded a 5.7% increase in revenue to P436.219 million from P412.507 million.
Revenue from lighterage services surged 458.7% to P34.562 million from P6.186 million while underwater services revenue climbed up 418.9% to P69.039 million from P13.304 million.
Revenue on generation of solar power likewise improved 45.1% to P39.357 million from P27.116 million.
Towing services revenue, on the other hand, dropped 51% year-on-year to P10.797 million while oil spill response revenue fell 85% year-on-year to P9.739 million.
Other marine services also saw a 95.2% decline to P1.295 million while revenue from the construction business decreased 57.3% to P8.099 million.
Other revenue likewise shrank 96.3% to P1.563 million.
The group’s total cost of services, meanwhile, decreased 5.63% year-on-year to P426.041 million mainly due to reductions in depreciation, charter hire, representation, direct materials and direct labor.
As of December 2025, HSSSI, including its domestic subsidiaries and affiliates, has established operations in 11 base ports across the country, providing services to approximately 8,686 ships as of year-end 2025.
The company maintains and manages a fleet of 60 vessels consisting of 51 domestically and internationally-classed tugboats; seven barges; one landing craft tank; and one dredger.
HSSSI’s subsidiaries and associates include Harbor Star Subic Corp., Peak Flag Sdn Bhd, Harbor Star Energy Corp., Harbor Star East Asia (Myanmar) Ltd., Harbor Star Construction Company, Kaibuok Star Shipyard Inc., Great Eastern Tug Corp., and Hi-Energy Marine Services Inc.
READ: Harbor Star Shipping nine-month profit drops 75%
