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Harbor Star Shipping Services, Inc. posted a profit of P282.626 million in the first nine months of 2026, a 227% surge from the P86.371 million recorded in the same period last year
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Service income from January to September reached P2.465 billion, up 17% from P2.106 billion in the same period last year
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Harbor assistance, salvage, underwater services, and lighterage recorded higher revenues while other businesses, including towing, oil spill, and other marine services reported declines during the period
Harbor Star Shipping Services, Inc. (HSSSI) posted a profit of P282.626 million in the first nine months of 2026, a 227.2% surge from P86.371 million in the same period last year.
Service income from January to September reached P2.465 billion, up 17% from P2.106 billion in the same period last year, HSSSI reported in a regulatory disclosure.
Revenue from harbor assistance, which accounted for more than half of total service income, rose 9.2% year-on-year to P1.417 billion.
Salvage income saw a whopping 374% year-on-year increase to P412.709 million. During the third quarter alone, HSSSI recognized a salvage revenue of P335.81 million.
Last June, the company said it secured a contract to salvage bulk carrier MV Giyas, which ran aground in the vicinity waters off Calandagan Island, Araceli, Palawan last May.
Revenue from underwater services were up 45% year-on-year to P212.61 million, while revenue on generation of solar power grew 97.8% to P212.594 million.
Lighterage services also recorded a 19.7% year-on-year increase in revenue to P98.726 million.
Revenue from towing services, on the other hand, dropped 9.7% year-on-year to P37.894 million, while income from oil spill response declined 82% year-on-year to P31.289 million.
Revenue from other marine services were also 36.3% down year-on-year to P8.056 million.
Cost of services during the period grew 7.7% year-on-year to P1.618 billion.
READ: Harbor Star Shipping’s H1 2026 profit surges 375%
As of December 2025, HSSSI, including its domestic subsidiaries and affiliates, has established operations in 11 base ports all over 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.
