Listed Philippine company Harbor Star Shipping Services, Inc. (HSSI) will invest US$4 million to $5 million to establish a wholly owned subsidiary at the Subic Bay Freeport Zone (SBFZ) that will provide marine-related ancillary services by the fourth quarter of 2015.
In text messages to PortCalls, HSSI chief information officer Atty. Ignatius Rodriguez said the company is in the process of incorporating the new subsidiary, Harbor Star Subic Corp., and is just awaiting certification from the Securities and Exchange Commission (SEC). Last August, the SEC and other government agencies approved HSSI amendments to its articles of incorporation to allow the company to expand its business portfolio and overseas presence.
The company also very recently secured Maritime Industry Authority endorsement to incorporate.
Subic Bay Metropolitan Authority (SBMA) in end July approved Harbor Star Subic’s application to provide marine-related ancillary services such as harbor assist, salvage, towage, lighterage, diving, oil spill response, and underwater marine services. The firm initially plans to focus on diving and underwater marine services.
The investment amount is equivalent to the price of three or four tugboats, Rodriguez noted.
Asked why HSSI decided to set up operations in Subic, Rodriguez said they were requested by their customers at the Manila International Container Terminal (MICT) to operate at the freeport zone since many either already ship or plan to ship through Subic Bay. HSSI is the sole harbor assistance provider at MICT.
Rodriguez said they also wanted to “avail of the full incentives of being a locator in the Freeport zone.”
The Subic venture will enlarge HSSI’s Philippine operations that currently cover 64 ports, with 13 of these as base or hub ports located in Bataan, Batangas, Bohol, Cagayan de Oro, Davao, General Santos, Leyte, MICT, Palawan, Semirara in Antique, Surigao, Maubay in Mindoro Oriental, and Sariaya in Quezon. – Roumina Pablo
