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 November 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Equinox Class Scrubber Systems Receive Certification

Algoma Central Corporation (“Algoma”), the largest Canadian shipowner and operator of domestic Great Lakes vessels announces that it has received all requisite

Arctic Oil: Bourbon to Enter Arctic Market in 2016

Bourbon plans to enter the growing Arctic Offshore market in 2016 with a new Anchor Handling Tug Supply (AHTS) vessel built by the Vard shipyard. This AHTS (Anchor

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

Navy

Italy Ending Med Sea Rescues

Rights groups warn of risk of more deaths; EU mission Triton will have more limited scope. Italy said on Friday it would close a sea rescue mission that has saved the lives of more than 100,

Libyan Government: Ports, Oil Fields Safe

Libyan oil ports and fields are safe and under government control, the country's interior minister said on Friday after visting the eastern Brega port. "This

Keel Laid, Fabrication Started on 2 Navy Warships

This week, General Dynamics Bath Iron Works celebrated two milestone events for the Arleigh Burke-class program. On October 30, Bath Iron Works held a keel laying

 
 
Maritime Security Naval Architecture Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1325 sec (8 req/sec)