Hanjin Raises Philippine Investment
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. As of the end of 2006, the Hanjin group had racked up $1.7 billion worth of orders. In May, the group won shipbuilding orders worth a total of $2.2 billion from companies in Germany, France, Turkey and India. The rise in Hanjin's ship orders were mainly driven by the growth in global trade, Arreza said. Source: Reuters