Hanjin’s Subic yard could become a terminal
Posted 5 years ago
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The 300,000-dwt VLCC TRF Horten (built 2018) at Hanjin Heavy Industries & Construction’s Subic Bay Photo: HHIC
by Gary Dixon
Hanjin Heavy Industries & Construction’s Philippines (HHIC-Phil) shipyard may become a multipurpose terminal, if Philippines ports giant International Container Terminal Services (ICTSI) takes over its restructuring.
“Still working, trying to put the team together because we are not just looking at that as a port. We are looking at that as a multipurpose facility — power, steel, shiprepair, multipurpose, automotive, crane,” ICTSI global corporate head Christian Gonzalez told reporters, according to Business World.
The company is not interested in the shipbuilding business, however.
“Our intention is not shipbuilding at all. It’s to utilise the site for other critical type of support infrastructure like automotive terminal, steel, power,” he said.
“It is a good site from a maritime point of view. The problem is it’s a very bad site from a road infrastructure point of view. The potential is good as a domestic transshipment … definitely not containers. Now, that potential grows when we see better infrastructure connecting Hanjin to SCTEX (Subic-Clark-Tarlac Expressway),” Gonzalez added.
TradeWinds reported that HHIC-Phil in Subic Bay has ceased production and is being maintained by a skeleton workforce of 300.
Today’s situation marks a dramatic turnaround at the yard, which at the peak of its power employed more than 34,000 workers.
HHIC-Phil’s technical assistance has been cut from 150 South Korean engineers to just 10.
Sources close to the yard say it ended production in mid-February after its court rehabilitation application and a $400m loan default.
The closure calls into question the future of the remaining four LR2 tankers under construction for CMB.
Source: tradewindsnews.com
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