The Philippines has finally found a buyer for the defunct Hanjin Subic Bay shipyard, one of the largest shipbuilding bases in Southeast Asia.
Reuters is reporting US private equity firm Cerberus will spend $300m taking over the yard which is located at a former US navy base to the north of the capital, Manila. The deal is expected to close next week.
The Philippines has been seeking a buyer for the yard for years after Hanjin Heavy Industries and Construction defaulted on loans, forcing the yard’s shuttering in 2019.
According to Reuters, the navy will lease a third of the 300 ha facility with the rest of the yard due to be reactivated this year.
The huge yard in Subic Bay delivered its first ship in 2008 and is capable of building the largest ships afloat having delivered a 20,000 teu ship and a series of VLCCs in the past.
