Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, is the latest big name being linked to taking over the financially troubled Philippine subsidiary of Hanjin Heavy Industries & Construction.
HHIC-Phil sought court rehabilitation last month, becoming one of the biggest corporate failures in the history of the Philippines. The shipyard, based in Subic Bay to the north of the capital, Manila, is the largest shipbuilding facility in Southeast Asia.
The Philippine government has sought out shipbuilders in China, Japan, South Korea, Europe, Australia and the US to take over the site, and has also considered the possibility of nationalising HHIC-Phil.
Defence secretary Delfin Lorenzana said yesterday HHI was the latest yard to have eyed HHIC-Phil.
However, HHI is potentially going to have its hands full working on another major shipyard consolidation project. Last week, HHI was given a provisional green light by state-run Korea Development Bank to take over the world’s second largest shipyard, Daewoo Shipbuilding & Marine Engineering (DSME).