Hanjin Heavy Industries & Construction is back in business, doing what it knows best. South Korea’s oldest shipyard, which has skirted with bankruptcy in recent years, said today that it has won a $261.4m order to build four boxships.
Broking sources in Asia suggest the 5,500 teu quartet was contracted by MPC Capital. The orders represent the Korean yard’s first commercial ship orders in six years, with the company surviving in recent years on military and research vessel orders from the Seoul government.
In April this year, creditors of Hanjin Heavy, led by the state-run Korea Development Bank (KDB), signed a deal with a consortium led by local construction firm Dongbu Corp to sell it a 66.85% stake in the shipbuilder.
After Hanjin Heavy ran into financial difficulties a decade ago the group downscaled dramatically – including offloading its yard at Subic Bay in the Philippines, which has yet to find a new buyer.
Hanjin Heavy’s home base in Busan has a history of focusing on boxships.