Hanjin to Invest in Another Shipbuilding Facility

Hanjin Heavy Industries and Construction Corp. will invest $2b in a new shipyard complex in Mindanao, its second in the Philippines after putting up a similar facility in Subic last year. President Gloria Macapagal Arroyo met with Hanjin president Jeong Sup Shim at the Palace yesterday where she was informed of the latest investment in Misamis Oriental.

The money committed by Hanjin in Mindanao surpasses its capital inflow in Subic last year, which made Korea the single-biggest source of foreign direct investment in 2006. Presidential Management Staff head Cerge Remonde said the Mindanao shipyard would be two times bigger than the complex of Hanjin in Subic.

The new facility will be constructed at the Phividec Industrial Estate in the towns of Tagoloan and Villanueva. Hanjin’s Subic project is expected to generate at least $3.6 billion in annual sales with a yearly construction capacity of 60 ships worth $60m each. The biggest shipping vessel in the world, a $150-million floating mammoth, is currently being constructed in Subic. The vessel is expected to be bigger than the 260,851-ton Seawise Giant, which also goes by the name Jahre Viking. Source: Philippines News