Harbor Star bags service deal with MGC
Seaport service provider Harbor Star Shipping Services Inc. has signed a deal to exclusively service vessels at the grains and commodities terminal operated in Bataan by Mariveles Grains Corp. (MGC)
Harbor Star has signed a service agreement with MGC which will allow it to exclusively provide harbor assistance services to all vessels calling MGC’s terminal.
In a disclosure to the Philippine Stock Exchange on Tuesday, Harbor Star said the contract would run for two years beginning April 1, 2019.
The terminal was previously being serviced by the competitors of Harbor Star, which trades on the local bourse under the ticker TUGS.
MGC offers a range of services, including handling, storage, and distribution of imported bulk grains. Its terminal also handles deliveries from Panamax vessels at a rate of 8,000 to 10,000 metric tons per day.
“This is in line with TUGS direction to continually enter into exclusive service contracts, rather than spot contracts, with customers to ensure recurring revenue,” Harbor Star said in the disclosure.
Last February, Harbor Star also signed a tug assist and mooring service contract with Chevron Philippines Inc. It will provide harbor assistance and mooring services to tankers calling Chevron’s terminals in Batangas, Cebu, Davao, and Misamis Oriental for a three-year period beginning Feb. 1, 2019.
Last December 2018, Harbor Star also entered into a service contract with GNPower Kauswagan Ltd. Co. to exclusively provide the docking, undocking, and emergency requirements of vessels calling GNPower’s terminal in Lanao del Norte.
Harbor Star, which listed on the Philippine Stock Exchange in 2013, is currently valued by the stock market at P2.61 billion. —DORIS DUMLAO-ABADILLA
