Harbor Star Shipping Services Inc., a company that trades on the stock exchange under the symbols TUGS, said it has been hired to salvage M/T Terranova, a tanker that sank off the coast of Bataan.
TUGS said it was engaged by Shogun Ships Co. Inc., owner of M/T Terranova, to mitigate potential environmental damage if the oil that the vessel carries starts to leak.
M/T Terranova capsized early Thursday morning some 7 kilometers east of Lamao Point in Bataan and eventually sank. It was carrying 1.4 million liters of industrial fuel oil and manned by a 17-man crew.
Sixteen crew members have been rescued, but one remains missing, prompting ongoing search and rescue efforts in the area.
TUGS was contracted on a no-cure, no-pay salvage operation and oil spill response, mobilizing tugboats and specialized equipment to the site to mitigate potential environmental damage.
The Coast Guard said the tanker was submerged in water depth of less than 35 meters, which means the water pressure isn’t severe to immediately damage the vessel and cause an oil spill.
Nonetheless, the local government of unit of Limay, Bataan imposed a temporary fishing ban in the area.
