Subic Shipbuilder Wins $450 Million Shipbuilding Project

The former site of the United States biggest naval base in the Far East is now home to South Korea's biggest shipbuilding conglomerate. The new shipbuilding facility has received orders for new ships and tankers right after the completion of its fabrication hub at the former US naval base more than two years ago.

ABS-CBN News reports:

South Korean shipbuilder Hanjin Heavy Industries said on Wednesday its Philippines unit had won $450 million worth of orders for tankers and bulk carriers. Hanjin said in a statement the orders were placed by companies in China, Singapore and Greece.

The Hanjin facility in Subic Bay Philippines currently employs around 20,000 skilled and unskilled workers and is the biggest foreign investor in the former US naval base with an estimated capital infusion of over $6 billion.

Last year Hanjin has infused $86 million more to the Subic Bay facility. Subic Freeport Administrator Armand Arreza said that with the new investments, Hanjin will remain the single biggest employer here, with some 4,000 new positions to be added to some 16,000 jobs already existing at the Hanjin shipyard.

Hanjin Subic has exported close to $200 million in ship orders during the last quarter of 2009 even as the shipbuilding facilities are still being completed.

(original article appeared @ Digital Journal )