Cebu-based shipbuilding company Tsuneishi Heavy Industries Cebu Inc
. (THICI) has committed to invest US$ 100 million or roughly P5 billion in the expansion of its shipyard in Balamban town in Cebu's western seaboard.
THICI, a joint venture between Tsuneishi Corp.
of Japan, one of the world's leading shipbuilders, and Aboitiz and Co., has been building 58,000 deadweight-ton (dwt) bulk carriers since 1995.
These ship were sold around the world from their Japan base
Under the expansion plans, the company would add another 86 hectares to its current work area of 40 hectares at the West Cebu Industrial Park in Balamban, Cebu.
The expansion would enable THICI to build bulk carriers as big as 170,000 dwt from 58,000 dwt and almost double its production capacity from 14 ships a year to 24. (PNA)