Korean Firm Reportedly Eyes $1B Facility

Monday, October 31, 2005
A Korean shipbuilding company is intent on investing $1-billion shipbuilding facility in Subic that is expected to transform the country’s premier Freeport into one of the world’s fourth biggest shipbuilding facility, according to a report in The Manilla Bulletin Online – www.mb.com.ph.Subic Bay Metropolitan Authority (SBMA) administrator and CEO Armand C. Arreza refused to divulge the identity of the Korean firm but said the signing of the investment agreement is expected to be done during the state visit of Korean president in December this year. The Korean firm reportedly has proposed to manufacture 8,000 TEU post Panama vessels and is expected to employ 20,000 workers. The company was also looking at putting up the facility in China and Vietnam but decided to locate in Subic because of the natural deep harbor of the Freeport. Construction of the shipbuilding facility is expected to be completed within five years. Its products are exported to 70 countries in Europe, Asia, the Americas and Africa. (Source: The Manilla Bulletin Online – www.mb.com.ph)
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

NMM lines up Box Buy

Navios Maritime Partners L.P. (NMM) an international owner and operator of container and drybulk vessels, announced today that it has secured, for no consideration,

Conrad Shipyard Bags LNG Order

Energy infrastructure and LNG solutions provider WesPac Midstream and its subsidiary Clean Marine Energy (CME) have awarded a contract to Conrad Orange Shipyard

Maersk Line CEO: 11 New Ships Likely in Q2 2015

Maersk is considering ordering 11 container megaships in the second quarter of 2015, the Wall Street Journal reported today. "We need to grow with the market and increase our capacity by 425,

Navy

MCPON Stevens Delivers Congressional Testimony

Master Chief Petty Officer of the Navy (MCPON)(AW/NAC) Michael Stevens testified before Congress Feb. 25. Stevens appeared before the House and Armed Services

US Keen in Maritime Cooperation with India

The US is keen in exploring great opportunities for co-operation on maritime issues with India, Admiral Jonathan Greenert, Chief of Naval Operations told members

U.N. Calls for Maritime Support to Libya

According to United Nations, Libyan authorities need an international maritime force to help as they are unable to halt the illicit trade in oil or the flow of weapons in and out of the country,

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.2947 sec (3 req/sec)