Manila: Philippines-based tug boat operator Harbor Star Shipping Services is planning to invest $10m in Indonesia to expand its market presence in Southeast Asia.
According to Geronimo Bella Jr., chairman of Harbor Star Shipping Services, the company is in talks with an Indonesian firm over a potential 15 year contract to provide shipping services to a coal power plant company.
Under the plan, Harbor Star will invest $10m for the acquisition of 10 tandem tug and barges with a carrying capacity of 8,000 tons each.
Harbor Star currently has operations in Malaysia and is exploring new opportunities in other countries across Southeast Asia, with its operations in the Philippines affected by ongoing port congestion.
Harbor Star currently runs a fleet of 28 tug boats, three barges, a cargo vessel, an oil spill response vessel and an anchor handling tug supply vessel.