The largest shipyard in Southeast Asia by area has filed for court receivership. HHIC-Phil, the Philippines affiliate of South Korea’s Hanjin Heavy Industries and Construction, becomes the latest victim of the prolonged downturn in shipbuilding.
The huge yard in Subic Bay delivered its first ship in 2008 and is capable of building the largest ships afloat having delivered a series of 20,000 teu ships in the past year.
Its orders in recent years have been at a noticeable discount to most Asian peers.
HHIC-Phil’s parent, Hanjin Heavy, has been going through a tricky restructuring since 2016. Its main yard in Busan is South Korea’s oldest. It quit commercial shipbuilding on home soil three years ago, switching that business to the Philippines.
HHIC-Phil’s orderbook is extensive having managed to fill out its slots through to the end of next year.