Hanjin builds 8 container ships worth $470 million in Subic Bay shipward

Hanjin, a South Korean shipbuilder which leases some parcels of land at the Subic Bay managed by the Subic Bay Metropolitan Authority (SBMA), had built and sold eight (8) container ships worth US$470 million to clients since the latter part of 2008 and 2009, respectively.

Admiral Feliciano Salonga, SBMA chairman and head agency, said that the sale was part of the 36 vessels Hanjin will build in 2012 amounting to US$3.4 billion.

Salonga said the Korean shipbuilding corp. has helped to infuse money to the national coffers despite the glooming economy brought about by the world economic recession last year.

The controversial Hanjin Corp., despite of the reported deaths of its Filipino workers while in the performance of their works, has contributed significantly in terms of taxes and jobs to thousand Filipino workers, and as a result, the world economic slump has no repercussion effects to the country’s economy.

Hanjin has a total working force of 16,700 workers mostly Filipinos, others came from various countries or nations.

The investment of the Korean shipbuilding corporation has reached to US$1.8 billion as of January 6, 2010 but it is projecting to invest more come 2012.

Shipbuilding business in the country is now thriving as many more investors are coming in particularly that the world economy is starting to recover. Japan came and invested in shipbuilding at the harbor port in Balamban, Cebu which would rival the Korean Hanjin.

At the Subic Bay, there are three other companies aside from Hanjin such as ACS, Ocean Pacifico and Australian Asia Marine Corp. (AMAC) which are specializing in building rubber boats, yatches and even smaller cruise ships.

ACS is into building for rubber boats, Ocean Pacifico for 40-footer yatches, and AMAC for 20-footer cruise ships.

The shipbuilding investors have preferred to set up their shipyards at the Subic Bay because the place is secured from the onslaught of typhoons as it is covered by the mountain ranges of Zambales.

Officials of Hanjin Heavy Industries Corp.-Philippines pose with officials of Kaptanoglu Shipping Line, owner of the M/T Leyla K at the Hanijn shipyard in the Subic Bay Freeport. The 114,000-ton ship was the first oil tanker built by Hanjin in Subic.