Filipino yard builds country?s first double-hull tanker

The first locally built, double-hull oil tanker made by a Filipino company was recently launched from the ship repair and shipbuilding firm Herma Shipyard, Inc (HSI) in Bataan. Named ?Matikas?, the newbuilding has a 10-year contract with Petron Corporation for the transport of oil products from refineries to various depots and terminals nationwide. The tanker will be able to transport up to 22,000 barrels of petroleum products.

Herminio S. Esguerra, Herma Shipyard president and chief executive, said “The launching of Matikas answers my nagging question whether we Filipinos are ready to build tankers for the global market. I stand here proud, because instead of importing a tanker, we said ?yes? to the challenge.” Esguerra added that Matikas took 22 months to build using imported steel and other materials from South Korea, Japan and China. He said the tanker cost $10 million, about $6 million cheaper than the average prevailing prices of foreign-made tankers, due to cheaper labour costs in the Philippines.

After ?Matikas?, Herma Shipyard intends to build at least three more oil tankers until 2010. The company has allotted $50 million for capital expenditures until 2010 for building new ships, while maintaining ship repair operations. Esguerra said the company?s second oil tanker will be launched this November. The tanker, which has a 14,000-cargo capacity, cost $8 million and will be used by Chevron Corp., under a 10-year contract with Herma Shipyard.

A third tanker, with a 40,000-cargo capacity, will also be built by HSI at a cost of $15 million and will also be chartered by Chevron when completed in 2009. Construction for a fourth oil tanker has been started and the $10 million newbuild is scheduled for delivery in 2010 when it will be chartered to Total. Negotiations are under way for a fifth tanker for the Provincial Science and Technology Center, a subsidiary of the Department of Science and Technology in Bataan.

By 2012, HSI plans to offer its shipbuilding capabilities to international clients.