Hanjin Raises Philippine Investment

Friday, June 29, 2007
South Korea's Hanjin Heavy Industries will pour an additional $684m into its shipbuilding yard in the Philippines, on top of the $1b it initially earmarked for investment, Reuters reported. The entire investmen would be completed by 2011. The company is working on details of a second phase of investment, Armand Arreza, administrator of the Subic Bay freeport zone. By the end of this year, the Korean company would have invested $977m to build part of the first phase of its shipyard. Another $501m will be spent next year.

Capacity constraints in Korea have forced Hanjin to look overseas for expansion. It started work in May 2006 on its Philippine facility, which has so far received orders for 28 container vessels, 3 bulk carriers and 2 oil tankers. As of the end of 2006, the Hanjin group had racked up $1.7 billion worth of orders. In May, the group won shipbuilding orders worth a total of $2.2 billion from companies in Germany, France, Turkey and India. The rise in Hanjin's ship orders were mainly driven by the growth in global trade, Arreza said. Source: Reuters

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Zamakona Yards Delivers Tuna Freezer Vessel

Zamakona Yards yesterday celebrated in Getxo (Bizkaia) the delivery of the tuna freezer vessel LJUBICA, their latest construction to the owner group Jadran based in Ecuador and Panamá.

Catamaran Passenger Ferries Delivered in Angola

Incat Crowther announced the delivery a pair of 30m catamaran passenger ferries, Macôco and Panguila, to Instituto Marítimo e Portuário de Angola. The vessels, built by Astilleros Armon in Spain,

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Navy

USS Milius Departs on Deployment

The guided missile destroyer USS Milius (DDG 69) departed Naval Base San Diego Oct. 20 on an independent deployment to the Western Pacific and Indian Oceans.

WWII Wrecks Found off North Carolina

German U-boat 576 and freighter Bluefields found within 240 yards A team of researchers led by NOAA’s Office of National Marine Sanctuaries have discovered two

US & ROK Navies to Participate in Exercise Clear Horizon

The U.S. and Republic of Korea (ROK) navies will participate in Exercise Clear Horizon, October 20-24, in waters south of the Korean peninsula. Clear Horizon

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pipelines Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1053 sec (10 req/sec)