Tugboat operator Harbor Star lists on PSE
MANILA, Philippines – Marine service provider Harbor Star Shipping Services Inc. made its debut on the Philippine Stock Exchange (PSE) on Wednesday and saw its shares soar by as much as 6.3 percent.
The local tugboat operator listed under the ticker symbol "TUGS" after successfully raising P341 million from an initial public offering (IPO).
Its shares rose to P2 each in early trade, up from the IPO price of P1.88.
Harbor Star's business involves providing marine services to shipping lines, which include docking assistance, cleaning up oil spills and rescuing vessels that run aground.
“We provide docking and docking assistance to all the major ports in the Philippines. We do oil spill and chemical response, underwater marine services and other marine services like buoy construction, pier repairs and so on,” Harbor Star chairman Geronimo Bella Jr. told ANC on Wednesday.
Harbor Star is eyeing expansions overseas, particularly in Malaysia, Indonesia and Timor Leste. Operations in these areas are targeted to begin by mid-2014.
“We have started talking to them and hopefully by next year we’ll have some business there,” said Bella.
Bella also said more harbor tugboats will be added to its current fleet of 20 vessels, as the firm expands its operations in General Santos, Surigao, Iloilo and Cebu.
“We are also looking at the offshore market, we will be servicing the oil rigs in Palawan, and also the mining industry, that’s where the proceeds will go,” he added.
Harbor Star is servicing more than 150 shipping lines in 12 base ports and 66 sub ports.