Subic Shipyard News

South Korea’s Hanjin Heavy Industries & Construction Co. Ltd. (HHIC) has partnered with Yuchengco group-led construction firm EEI Corp in Philippines.In a stock exchange announcement, EEI said that it formed a partnership with HHIC for upcoming construction projects. No other details were provided by both companies regarding the deal.The two companies have previously teamed up for local projects such as the Berth 6 Manila International Container Project.According to a report in Inquirer, the strategic alliance is seen to make use of HHIC’s special intellectual property in underground infrastructure, railway and airport construction projects.

The troubled South Korean shipbuilder Hanjin Heavy Industries & Construction Co said that it has reached an agreement with Philippine banks on debt-rescheduling for its Philippine affiliate HHIC-Phil, Southeast Asia’s largest shipyard by area size.Philippine creditors agreed to acquire shares of Hanjin Heavy, HHIC-Phil Inc., which operates the yard in Subic Bay, in return for solving surely obligations. This means the scheme includes a debt-for-equity swap with Philippine lenders, it added.Hanjin said the deal would be submitted to a Philippine court by the end of this month. HHIC-Phil, a debt-stricken shipyard in Subic, has applied for a rehabilitation program.Nikkei quoted HHIC saying that Rizal Commercial Banking Corporation…

South Korea’s largest ocean carrier Hyundai Merchant Marine (HMM) will invest USD 417.61 million in five new very large crude oil carriers (VLCCs), Reuters reported quoting company sources. "HMM will invest 470 billion South Korean won (U.S. $418 million) in new facilities for the construction of five, 300,000 deadweight ton (DWT) VLCCs with Daewoo Shipbuilding & Marine Engineering (DSME), with an option for five more," said company sources. HMM will acquire two 11,000-TEU containerships from Hanjin Heavy Industries & Construction’s Subic Shipyard. The contract price is approximately $162 million for the two vessels. HMM also confirmed expansion of its container fleet with two ships of 11,000 teu each to be built at a Hanjin yard in the Philippines.

Cash-strapped  South Korean shipbuilder Hanjin Heavy Industries & Construction (HHIC)  has signed a memorandum of understanding (MOU) with its creditors to receive a KRW 120bn ($103m) cash injection, and will sell off property and businesses worth KRW 2tr ($1.71bn) as part of its self-restructuring plans. The shipbuilder entered workout program with nine creditor institutions led by its main creditor Korea Development Bank (KDB), four months after it applied for the procedure to seek debt relief and bailout. HHIC filed a request to restructure its debt with its creditors in January, having been faced with liquidity shortage. "Under the deal, valid until 2018, the company will receive KRW 120 billion of new funding from its nine creditors.

Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), which operates the world's fourth shipbuilding facility in Subic Freeport Zone, unveiled the first-ever Philippine-made Liquefied Petroleum Gas (LPG) carrier. The ship was ordered by Belgian shipping company Exmar Shipping BVBA and was christened as “Kaprijke” by company owner Saverys family. The vessel, which will enter the TGP-Exmar Joint Venture fleet, is part of a large ship building initiative in the Philippines. The LPG carrier measures 180 meters in length, 29.4m in breadth and 18m in depth. Construction of the LPG carrier began in June of last year. Previously announced in December 2012…

As the construction of ultra large container ships gained momentum, Korean shipyards are sweeping up the market, according to a report appeared in Business Korea. Total orders of 21 container ships exceeding 20,000 TEU in capacity were placed globally from the end of last year to date. Korean shipyards - Samsung Heavy Industries (SHI), the Philippines' Subic Shipyard of of Hanjin Heavy Industries & Construction (HHIC), Daewoo Shipbuilding & Marine Engineering (DSME), and Hyundai Heavy Industries (HHI) - have won 19 of the orders, virtually sweeping the market. Samsung is the first shipyard to win the orders of the most and the largest containers. The company received 10 orders, half of the total orders of container ships exceeding 20,000 TEU made in the world to date.

HANJIN Heavy Industries & Construction (HHIC)-Phil’s Subic Shipyard hit the jackpot bids. On April 20, the company said that it signed a deal to build six 11,000-TEU containerships for European and Asian shipping companies. The shipyard won six 11,000-TEU containership orders additionally after successfully landing a deal to build three 26,000-TEU containerships early in this month. In all, it has won nine ship orders for the month, worth KRW 1.1 trillion. The containerships the Subic Shipyard will build have dimensions of 330 meters in length, 48 meters in breadth, and 27 meters in depth. Designed with state-of-the-art technology in the hull and propeller, the vessels are high in fuel efficiency and environmental friendliness.

Hanjin Heavy Industries is trying hard to retain its leadership by reviving the shipyard in Subic Bay, the Philippines. HHIC-Phil’s Subic Shipyard is the largest shipyard in the Philippines with 300 ha in total area, which opened in Subic Bay in 2009. In just five years, the company reached US 5 billion dollars in sales and strengthened its leading position in the Philippines, says a company press release. In five years it  was able to strengthen its leading position in the Philippines. Located 110 kilometers northwest of Manila, the shipyard is 11 times larger than that for Hanjin's Yeongdo dockyard. Ahn Jin-gyu, Hanjin Heavy Industries Corp. Philippines head, said in a statement: "We can build 10,000-TEU containers at Subic, which is unimaginable in Yeongdo.

Hanjin Heavy Industries and Construction, Korea, is building a pair of new LPG carriers for Exmar, which  is a Belgian energy logistics company with an existing LPG fleet of around 30 vessels. The two new 38,000-cu. m. LPG carriers will be built at Hanjin’s Subic Shipyard in the Philippines and delivered to EXMAR in Q1 and Q2 of 2016. The pair is significant in that they will feature innovative emissions scrubbing technology from Alfa Laval, in response to global demand to significantly reduce emissions from ships.

The German navigation system integrator Raytheon Anschütz was selected by the German-based shipowner NSC to supply the latest generation of the IMO-certified Synapsis Integrated Navigation System (INS) to a series of 9,000 TEU Containership newbuildings. The new containerships are built by Korea's Hanjin Heavy Industries and Construction’s Subic Shipyard in Subic Bay, Philippines and are scheduled for entering service in 2014. The vessels will operate under a long-term charter of Compania Chilena de Navegacion Interoceanica (CCNI).

As shipbuilding nations in South Asia mature, Lloyd's Register's new guide provides an overview of over 80 shipyards and 18 ship designers in Bangladesh, India, Indonesia, Malaysia, the Philippines, Singapore, Sri Lanka, Thailand and Vietnam. Lloyd’s Register has issued the first Guide to New Construction in South Asia. The Guide provides an overview of the shipbuilding and ship design industry in the area. With shipbuilding in South Asia growing – in numbers of ships, in capacity and in capability, this Lloyd’s Register guide provides factual information from across the countries. The future is looking extremely bright for shipping and shipbuilding in the South Asia area.

Keppel Offshore & Marine Ltd's (Keppel O&M) subsidiaries, Keppel Subic Shipyard, Inc. (Keppel Subic Shipyard) in the Philippines and Keppel Verolme BV (Keppel Verolme) in the Netherlands, have secured contracts totalling S$160 million. Keppel Subic Shipyard has been awarded a contract from Shell Philippines Exploration BV (SPEX) to build a Depletion Compression Platform (DCP) to support the recovery of natural gas from the Malampaya gas field near Palawan Island, in the Philippines. When completed, the DCP will be deployed next to an existing shallow water production platform. The DCP is designed to maintain the current availability and deliverability of natural gas from the Malampaya field through regulating the gas export pressure and flow rates.

The Board and Management of Keppel Offshore & Marine Ltd (Keppel O&M) wish to announce several new appointments as part of ongoing efforts to put in place a strong leadership team to continually reinforce the Group's growth strategy. Mr Michael Chia, 59, has been appointed Managing Director (Marine) of Keppel O&M and will oversee Keppel O&M's Marine Division which includes Keppel Shipyard, Keppel Singmarine and other marine-related overseas yards. Mr Chia will concurrently hold his appointments as Managing Director (Technology) of Keppel O&M and Managing Director of Keppel O&M Technology Centre. He will report directly to Mr Chow Yew Yuen, Chief Operating Officer of Keppel O&M.

Despite the current global economic slowdown, Hanjin Heavy Industries & Construction (HHIC)-Phil's Subic Shipyard has won a bid to build mid-size container ships for the first time this year. The shipbuilder recently announced that it has signed a USD 450 million contract to build ten 5,000TEU container 
ships (options included) with ship owners in Europe. These days, large vessels have been the mainstream in the container ship 
market with little demand for mid-size container 
ships (5,000TEU).

According to a statement released earlier today from Keppel Subic Shipyard, a shipyard accident in the Philippines has left five dead and seven injured. "It is with deep regret that we confirm an incident has happened at Keppel Subic Shipyard in the Philippines today, 7 October 2011 at around 10.20am in the morning," said Mr Mok Kim Whang, President and General Manager. "The incident occurred at a dock where a vessel was being repaired. A stern ramp fell on a scaffolding underneath a ramp where the workers were working. The injured workers have been sent to the hospital, and at this time there is no word on their condition. "We would like to offer our deepest condolences to the families of the victims, and we are rendering the necessary assistance to them," said Mr Mok Kim Whang.

The Directors of Keppel Corporation Limited advise the following unaudited results of the Group for the full year ended 31 December 2010. The FY 2010 Report Card and the Address by Mr Choo Chiau Beng, Chief Executive Officer, are below. The full set of financial documents for the results and the Address by Mr Teo Soon Hoe, Senior Executive Director and Group Finance Director, are attached and also available for download below. 1. Net profit before exceptional items improved 12% to S$1,419 million, compared to FY 2009's S$1,265 million. 2. Earnings Per Share of 88.7 cents, up 12% from FY 2009's 79.4 cents. 3. ROE remained above 20%. 4. Economic Value Added before exceptional items increased from S$1,026 million to S$1,035 million.

Keppel Corporation Limited (Keppel Corp), through a subsidiary Keppel Philippines Marine Inc, (KPMI), is raising its shareholdings in two associated companies, Subic Shipyard and Engineering Inc. (SSEI) and Consort Land, Inc. (CLI) to boost its Near Market, Near Customer strategy in the Philippines. SSEI is a shipyard located in Subic Bay, the Philippines, which provides repair, conversion and building services to shipowners and offshore operators in the region. It also carries out routine and specialized machinery reconditioning works…

Keppel Shipyard is on track to delivering FPSO Lewek Arunothai to EOC Limited (EOC) for a South East Asian client. The 725,000 bbls storage FPSO was named at a ceremony on June 21. FPSO Lewek Arunothai is the first FPSO that Keppel Shipyard has converted for EOC. The first part of the vessel’s refurbishment and life extension was carried out at Subic Shipyard in the , while the engineering, procurement and topside fabrication were in progress in . The vessel then sailed to Keppel Shipyard to complete the remaining conversion and integration of topside works.

Keppel Shipyard, a division of Keppel Group, has successfully converted a 155,000dwt tanker into a Floating Production Storage and Offloading Vessel (FPSO) for ProSafe. The vessel, previously known as White Sea, was named Espoir Ivoirien by Mrs Agnes Monnet, wife of the Minister of Mines and Energy, Côte d’Ivoire, at a ceremony at Keppel Shipyard this afternoon. The conversion of Espoir Ivoirien, included the construction and installation of an internal turret and the installation and integration of the complete topside equipment package. Preparatory work for the conversion began in Subic Shipyard which carried out surface treatment, repair, blasting and painting.

FPSO Umuroa has been delivered to Prosafe Production. Keppel Shipyard Ltd (Keppel Shipyard), a wholly-owned subsidiary of Keppel Offshore & Marine Limited (Keppel O&M), has been awarded two conversion contracts, worth a total of S$100 million, one by Prosafe Production Pte Ltd, and the other by Shipping Logistics Incorporated for a long term charter to Perenco S.A. The first contract awarded by Prosafe is for the conversion of a 101,832 dwt double-sided tanker, MT Kudam, into a Floating Production Storage and Offloading (FPSO) facility. Subic Shipyard & Engineering Inc (SSEI), an associate of Keppel Shipyard, will carry out the first phase of this FPSO conversion.

Keppel Philippines Marine Inc (KPMI), a company listed on the Philippine Stock Exchange and a subsidiary of Keppel Corporation Limited, has appointed Nelson Yeo as Chairman with effect from. He has also been appointed Chairman of Subic Shipyard & Engineering Inc (SSEI), an associate of Keppel Corporation Limited. Yeo takes over the chairmanship of KPMI and SSEI from Charles Foo, Managing Director (Special Projects) of Keppel Offshore & Marine (Keppel O&M), who has also resigned as Director of both companies. Foo, who is currently Chairman of Keppel Singmarine Pte Ltd of Singapore and Keppel Nantong Shipyard, China, was appointed Chairman of KPMI and SSEI in November 1999.

Keppel Shipyard, the wholly owned subsidiary of Keppel Corporation Limited (KCL) through Keppel Offshore & Marine Ltd (Keppel O&M), has successfully converted a 132,500 dwt tanker into a Floating Production Storage and Offloading (FPSO) vessel for Prosafe Production. The vessel, previously known as Grey Warrior, was named ABO FPSO by Ms AmaI Pepple, Permanent Secretary of the Federal Ministry of Petroleum Resources, Nigeria, at a ceremony held at Keppel Shipyard this morning. It underwent repairs at Subic Shipyard in January and arrived at Keppel Shipyard in early July 2002 for conversion work. The work scope for ABO FPSO included the fabrication and installation of the flare tower and helideck…

Philippine units of Keppel Corporation have reportedly completed the restructuring of their operations, which called for a consolidation of Keppel's domestic marine interests into Keppel Philippines Marine Inc. (KPMI), and a consolidation of Keppel's property interests in the Philippines into Keppel Philippine Properties Inc (KPPI). Under the restructuring, KPPI transferred all its marine interests to KPMI, including 62.5 million shares in Subic Shipyard and Engineering Inc. and 656,838 shares in Consort Land Inc., which manages the shipyard's lot, in exchange for 100.5 million new KPMI shares. KPPI also transferred all of its 159.2 million shares in KPMI to Keppel Philippines Holdings Inc (KPHI). KPMI is now 55 percent owned by KPHI and the rest by the investing public.