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.
