Hanjin Secures $721M Dollar Investment Plan with Philippines Shipyard Project

The building of the shipyard in Philippines is part of an attempt made by Hanjin Heavy to compete with Hyundai Heavy Industries, the largest shipbuilder of the world, as well as other national competitors; which had swept almost forty percent of international orders in in the year of 2005.

Hanjin Heavy Industries and Construction plans on starting the construction of the shipyard in Subic by next month so as to complete the project by the year 2016. The Subic shipyard will serve the purpose of a base for foreign operations as intended by Hanjin Heavy. Subic shipyards will be well-equipped with facilities that help in producing liquefied natural gas carriers, plants like steel bridges and other large ships as well. Final dates for submitting bids for this tender will be on 31st Dec 2016.

Project Status: Planning
Project Location: Philippines
Project Value: US$ 721 million
Country: Korea
Estimated Cost: USD 721000000 ( seven hundred and twenty-one million )Source: Newswiretoday