-
Harbor Star Shipping Services, Inc. saw higher profit in the first half of 2026 to P82.735 million, a surge of 375% from the P17.417 million profit in the same period last year
-
The group’s service income rose 6.3% to P1.376 billion in the first six months of the year from the P1.294 billion reported in the same period last year
-
Harbor assistance, lighterage services, underwater services, and solar power generation recorded higher revenues during the first half
-
HSSSI also recorded a salvage income of P76.895 million from the contract to salvage bulk carrier MV Giyas, which ran aground in the vicinity waters off Calandagan Island, Araceli, Palawan last May
Harbor Star Shipping Services, Inc. (HSSSI) saw higher profit in the first half of 2026 to P82.735 million, a surge of 375% from the P17.417 million profit in the same period last year.
The group’s service income rose 6.3% to P1.376 billion in the first six months of the year from the P1.294 billion reported in the same period last year, according to a regulatory disclosure by HSSSI.
Harbor assistance, which accounts for a big chunk of the group’s service income, reported a 4.8% year-on-year increase in revenue to P931.761 million.
Revenue from lighterage services likewise grew 157% year-on-year to P69.464 million while income from underwater services improved 13.4% to P125.430 million.
Revenue from solar power generation also grew 98.5% to P119.445 million.
HSSSI also recorded a salvage income of P76.895 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.
Towing services, however, reported a 24.5% decline in revenue to P19.714 million, while revenue from oil spill response decreased 84.7% to P9.940 million. Revenue from the construction business also dropped 74.5% to P15.005 million, while revenue form other marine services fell 41.6% to P3.591 million.
The group’s total cost of services increased 7.6% to P1.002 billion from P931.671 million, mainly attributable to higher supplies, charter hire, fuel and lubricant costs resulting from the increase in oil prices.
READ: Harbor Star Shipping profit improves to P40M in Q1 2026
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.
