Hanjin to Build Shipyard in Philippines

Hanjin Heavy Industries has entered into an agreement to build a $2b shipyard in the southern Philippines, its second yard in the country.

The second shipyard will rise in a 441.8-hectare lot inside the Phividec Industrial Estate in the southern province of Misamis Oriental and is expected to be completed in 2017. The new facility will have a capacity of 830,000 tonnes per year when completed. Hanjin and Phividec officials signed the agreement. Hanjin will be allowed duty-free importation of capital equipment and income tax holidays since it is located in the Phividec ecozone area. Hanjin's Subic facility has received orders for 28 container vessels, three bulk carriers and two oil tankers as of June last year.

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