Home » Maritime » Hanjin bags $500M project for 8 ships

HANJIN Heavy Industries Corp.-Philippines (HHIC-P) has cornered another multimillion-dollar contract to build at least eight vessels in its Subic shipyard.

The newest batch of newbuildings worth about $500 million has increased the total number of projects being built at Subic to 19 ships.

The eight 205,000-dwt bulk carriers are being built for a European shipping company. Each of the VLOCs (very large ore carriers) is 300 meters (m) long, 50m wide and 25m high. They will be delivered at the start of the second half of 2012 until 2013.

HHIC-P said it bagged the project because the vessels were way too large to be handled by its Yeongdo shipyard in Korea.

“We are going to develop the Subic Shipyard into the world’s leading shipbuilding site and Yeongdo Dockyard in Korea into a strategic shipbuilding base for high-technology carriers and offshore supply vessels through facility modernization,” HHIC-P said in a document.

HHIC-P earlier booked $3.4 billion worth of projects, including 36 various vessels (container carriers, bulkers and tankers) for delivery beginning 2012.

At the height of the global recession last year, HHIC-P delivered seven vessels worth $470 million – five containerships worth $58 million each and two other container carriers worth $61 million each.

In 2008, HHIC-P delivered one container vessel worth $58 million.

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