February 27, 2019 | 12:02 am
HARBOR STAR Shipping Services, Inc.
on Tuesday said the commissioning of a subsidiary’s solar power plant project
in General Santos City has been pushed back to next month, due to construction
delays.
In a disclosure to the stock
exchange on Tuesday, Harbor Star said the commissioning of Astronergy
Development Gensan, Inc.’s (ADGI) project was originally scheduled for Jan. 31,
and has now been moved to before March 31.
“The causes of delay were: (a)
construction delays of support structures by the Engineering Procurement and
Construction (EPC) Contractor and its subcontractors; and (b) delay in the
delivery of equipment and accessories needed for the substation to connect to
the grid,” the company said.
Harbor Star said delays in the
construction due to the fault of the EPC contractor will be subject to
penalties, under the contract.
“All the equipment and accessories
are now in or en route to the project site,” the company said.
In 2017, Harbor Star’s wholly owned
subsidiary Harbor Star Energy Corp. (HSEC) acquired a 60% stake in ADGI, which
expanded to 100% stake last year. ADGI is licensed to operate a 25 megawatt
(MW) solar power plant in General Santos City, which is expandable to 75 MW.
In the same disclosure, the tugboat
and cargo vessel firm said its three-year exclusivity contract with Palau-based
firm Palau Sea and Air Transport Agency (PSATA) is on hold per advice of the
company.
“(PSATA) informed (Harbor Star’s)
Management that there would be a delay in the implementation of the projects in
Micronesia for various reasons. Thus, (Harbor Star) committed its tug and barge
tandems for the Cebu-Cordoba Link Expressway (CCLEx),” it said.
“(PSATA) continues to request
(Harbor Star) for barges but (Harbor Star’s) Management decided to allocate its
resources to the more profitable CCLEx and Cavite Gateway projects,” it added.
Last year, Harbor Star signed a
P118-million contract with Cebu Link Joint Venture (CLJV) to provide two
specialized barges for the construction of Metro Pacific Tollways Corp.
(MPTC)’s CCLEx project.
It is also a barge operator at the
Cavite Gateway Terminal, a project of International Container Terminal
Services, Inc. (ICTSI) operated by subsidiary Cavite Gateway Terminal, Inc.
Harbor Star reported flat
attributable net income at P66.26 million during January to September 2018,
from P65.73 million the previous year. — Denise A. Valdez
No comments:
Post a Comment