South Korea’s HD Hyundai plans to start shipbuilding in the Philippines from January next year, using a revamped Subic Bay yard with a capacity of up to 10 vessels annually.
The company has signed a 10-year lease for 200 hectares from Agila Subic, a Cerberus-owned operator of the former Hanjin shipyard.
HD Hyundai will invest around $550 million over the next decade. The facility will initially produce product tankers up to 250 meters in length, with build times of 16 to 18 months.
HD Hyundai Co., Ltd. is a South Korean holding company headquartered in Seoul, operating as the parent entity of multiple subsidiaries engaged in shipbuilding, heavy industry, energy, and related sectors.
Agila Subic is a Philippines-based industrial estate operator that manages facilities within the Subic Bay Freeport Zone. It holds leases and management rights over industrial properties, providing infrastructure and site services to manufacturing and maritime tenants.