Hanjin to Invest in Another Shipbuilding Facility

Wednesday, November 28, 2007
Hanjin Heavy Industries and Construction Corp. will invest $2b in a new shipyard complex in Mindanao, its second in the Philippines after putting up a similar facility in Subic last year. President Gloria Macapagal Arroyo met with Hanjin president Jeong Sup Shim at the Palace yesterday where she was informed of the latest investment in Misamis Oriental.

The money committed by Hanjin in Mindanao surpasses its capital inflow in Subic last year, which made Korea the single-biggest source of foreign direct investment in 2006. Presidential Management Staff head Cerge Remonde said the Mindanao shipyard would be two times bigger than the complex of Hanjin in Subic.

The new facility will be constructed at the Phividec Industrial Estate in the towns of Tagoloan and Villanueva. Hanjin’s Subic project is expected to generate at least $3.6 billion in annual sales with a yearly construction capacity of 60 ships worth $60m each. The biggest shipping vessel in the world, a $150-million floating mammoth, is currently being constructed in Subic. The vessel is expected to be bigger than the 260,851-ton Seawise Giant, which also goes by the name Jahre Viking. Source: Philippines News

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

Shipbuilding

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

New Research Vessel Delivered on the Great Lakes

The new oceanographic research and fisheries assessment vessel, Arcticus, completed her sea trials and was delivered to the U.S. Geological Survey's Great Lakes Science Center on October 17.

US Navy Christens Future USS Detroit

The U.S. Navy christened the future USS Detroit (LCS 7), the fourth Littoral Combat Ship of the Freedom variant, in a ceremony at Marinette Marine Shipyard in Marinette, Wisconsin, Oct.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Port Authority Salvage Ship Simulators 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: 0.0993 sec (10 req/sec)