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Hanjin Heavy sells block manufacturing site

Hanjin Heavy sells block manufacturing site

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Hanjin Heavy Industries & Construction has sold off a block manufacturing site located in Dadaepo in the southwest of Busan as well as a pair of buildings in the latest part of its rehabilitation plan. The sales have added around $140m to the shipbuilder’s depleted coffers.

In May last year Hanjin Heavy, South Korea’s oldest shipyard, pledged to push through with a massive restructuring to keep its creditors at bay. Hanjin Heavy’s strategy now is to build smaller and naval ships at its home yard in Busan while taking orders for much larger tonnage at its giant facility in Subic Bay in the Philippines.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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