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Armand Arreza News

29 Jun 2007

Hanjin Raises Philippine Investment

South Korea's Hanjin Heavy Industries will pour an additional $684m into its shipbuilding yard in the Philippines, on top of the $1b it initially earmarked for investment, Reuters reported. The entire investmen would be completed by 2011. The company is working on details of a second phase of investment, Armand Arreza, administrator of the Subic Bay freeport zone. By the end of this year, the Korean company would have invested $977m to build part of the first phase of its shipyard. Another $501m will be spent next year. Capacity constraints in Korea have forced Hanjin to look overseas for expansion. It started work in May 2006 on its Philippine facility, which has so far received orders for 28 container vessels, 3 bulk carriers and 2 oil tankers.

19 Apr 2007

Hanjin Starts Building Container Ship

Hanjin Heavy Industries, Corp-Philippines, Inc. (HHIC-PI), switched on the steel plate cutting machine that signaled the start of its production. The first steel cutting ceremony was held at the newly-built HHIC-PI shipyard at the Redondo Peninsula. The HHIC-PI constructed the shipyard complex inside the 480-hectare land area in the peninsula with a committed investment of $ 1 billion and is expected to create around 30,000 jobs. Already lined-up for production are six units of 4,300-TEU container ships to be delivered to Diorxy Maritime Corp. in Greece in 2009. The second production line will be comprised of six units of 4,300-TEU ships intended for NSC Schiffartsgeselhaft of Germany.