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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Damen Builds Cable Installer For Maersk Supply Service

New Damen-built vessel for Maersk Supply Service to undertake long-term charter with DeepOcean   A newbuild DP2 cable installation vessel, Maersk Connector, was

Navy

Antietam, McCampbell Build Relationships at IFR 2016

Ticonderoga-class guided-missile cruiser USS Antietam (CG 54) and Arleigh Burke-class guided-missile destroyer USS McCampbell (DDG 85) arrived Feb. 4 in India

Indian Navy Shows Off Strength

India’s naval might was on full display off the coast of Visakhapatnam today (Saturday) as President Pranab Mukherjee reviewed the naval fleet.   Mukherjee,

Russia Confirms Tanker Seized by Niger Delta Militants

Russia’s embassy in Nigeria confirmed on Thursday that the Greek-owned oil tanker Leon Dias has been hijacked in the Gulf of Guinea, reports TASS.   There are

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.0733 sec (14 req/sec)