Philippine yards target international work

1999 pre-tax profit at restructured Keppel Philippines Marine improved by 20% to P93 million ($2.27 million). Revenue was up by over 90% to P774 million ($18.9 million), as a result of the acquisition of Keppel Cebu Shipyard.

Keppel Batangas and Keppel Cebu both recorded an increase in repair activity. The number of foreign vessels calling at Batangas grew, due to the introduction of its new 50,000 dwt drydock at the start of the year, but the domestic repair market remained weak because of the sluggish state of the local shipping industry. Associate yard Subic registered a slight decline in revenue as a result of stiff competition in the international market.

The domestic market is not expected to improve, and in the face of a highly competitive international market the three yards are consolidating their marketing efforts in order to attract more foreign tonnage.