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

Shipbuilding

RIMPAC Exercise Puts LCS Through Paces

It was the middle of May, and the littoral combat ship Independence was operating out of San Diego, testing components of the mine warfare mission package. The mission is one that,

New Superyacht ROCKIT.IT Launched by Feadship

Feadship says it has launched the outstanding 60.35-metre motoryacht ROCK.IT. Created for an experienced owner who has chartered Feadships and appreciated the essence of the brand,

FTA Approves WSF Ferry Terminal Plans

In the latest Washington State Ferries Weekly Update, Capt. George A. Capacci, Interim Assistant Secretary WSDOT/Ferries Division briefs as follows: "FTA approves

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction
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: 0.0919 sec (11 req/sec)