Hanjin upbeat on Subic Bay shipyard

In what could be the world?s fourth-largest shipyard is nearing completion in Redondo Peninsula, Subic Bay, Philippines, and it promises to generate $3.6 billion in annual sales.

The $1 billion Hanjin Shipbuilding facility will be able to accommodate the construction of 60 ships a year. Even as the construction of the fourth-largest shipbuilding facility in Subic is in full swing, Hanjin has an advance order of 12 container ships worth $60 million each.

Work on the 2.3-million sq m shipyard began in March after South Korea?s Hanjin Heavy Industries and Construction Co. signed a lease agreement with the Subic Bay Metropolitan Authority. A $40-million training centre for shipyard workers was also opened by the Korean firm.