Nautilus Shipyard invests $6.3m to open new yard

Philippine-based Nautilus Shipyard Repair, Inc. will spend PHP259m ($6.3m) to set up a shipyard in Navotas City, Manila, Seatrade Asia online reports.

The Philippines' Board of Investment approved the grant of incentives such as income tax holidays and duty free importation of capital equipment to the proposed shipyard of Nautilus.

The new yard is expected to have a capacity of 96 vessels a year and and will start operations in June 2013.

“When operational, it will use standard marine travel lift equipment designed for vessels up to 45 feet wide and with capacity of 600 tonnes. It will also have minimum berthing capacity of 7,500 dwt,” the BOI said.