With no new ship orders, Hanjin Heavy Industries Corp., Philippines (HHIC-Phil) is slowing down its shipyard expansion.
Hanjin received 34 ship orders in the early part of 2008 in its shipyard but the number of orders has not increased to date.
Ship owners have put off new orders as they watch the manufacturing industry grapple with slackening consumer demand.
Armand Arreza, Subic Bay Metropolitan Authority (SBMA) administrator said, Hanjin was supposed to go on with the construction of dry dock number 7, but has not started the expansion because of the changed business environment.
The present shipyard is handling the construction of 34 vessels scheduled for deliveries from 2008 to 2013. This year, Arreza said 14 vessels are scheduled for delivery.
Vessel sales are estimated to be between $840 million to $900 million, as ships vary in sizes.
Last year, Hanjin launched four 4,300 TEU container ships that cost around $60 million each.
Hanjin’s dry-dock numbers 1, 2 and 3 are all in its shipyard in Korea.
Dry-dock numbers 3 and 4 are in Subic and another one will be constructed to accommodate future vessel constructions.
Dry-dock no. 6, a 480-meter long 13 meter-wide and 13 meters deep was completed last year. It has a bigger assembly line, with a 1.7 kilometer quay wall installed with two more units of ultra huge gantry cranes.
“The dry-docks are included in the first phase of development worth $1.6 billion. The second phase of the project development which involve the construction of
dry-dock 7 is supposed to deliver another $1 billion investment,” Arreza said.
"The shipyard currently employs 20,000 workers. Their commitment to employ about 40,000 employees would happen if the phase 2 of the project would be in place," He added.
Hanjin uses state of the art technology to ensure being at par with competitors and be able to maintain value for customers.
Hanjin’s shipyard expansion will allow the company to compete well with other major shipbuilders in Korea, such as Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering.
The firm plans to increase the shipbuilding capacity in Subic equipped with facilities that can generate annual sales of about $3.1 billion, the company said.
“We will promote the shipyard as a global shipbuilding base,” Hanjin said. (c/o Olongapo-Subic Bay News)
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