Japanese piloting firm Daito Corp has bought a 5% stake in Philippines-based Harbor Star Shipping, a towage and salvage company. As well as buying the listed shares of Harbor Star, Daito bought into Great Eastern Tug, a non-listed company that also owns a stake in Harbor Star.
Daito said it was keen to “strengthen its business partnership with Harbor Star and contribute to the expansion of the tugboat business in the Philippines where economic growth remains to be promising.”
Harbor Star signed an agreement with ship repair outfit Guam Industrial Services in March to form a joint venture company that will operate several floating dry dock facilities in the Philippines.
