South Korea's Hanjin Heavy Industries and Construction Corp has completed the first phase of its largest shipyard project in Subic Bay, the Philippines.
Open for business: The US$1.68 billion Subic Shipyard is Hanjin's first overseas shipyard and was established because space limitations at its main Busan shipyard prevented it from taking advantage of the sharp increase in market demand
The first phase includes a dry dock, hull making facilities, a four-storey administration building, a three-storey production and design building, field offices and training centre.
'We will promote the shipyard as a global shipbuilding base,' the company said.
The US$1.68 billion facility is Hanjin's first overseas shipyard and was established because space limitations at its main Busan shipyard prevented it from taking advantage of the sharp increase in market demand.
Work on the facility began in March 2006 after Hanjin signed a 50-year lease agreement with the Subic Bay Metropolitan Authority for a 350 ha seafront property at Subic Bay's Redondo Peninsula.
Employing 5,000 construction workers, the initial phase of the Subic yard was completed in just 13 months and fabrication work immediately began on its first order of six 4,300 TEU (20-foot equivalent units) container ships for Greece's Dioryx Maritime Corp.
By the time the shipyard comes into full production in 2016, it will be the fourth largest shipyard in the world.
It will have two massive dry docks, the largest of which will have a 700,000 ton capacity, with a length of 480 m and a width of 135 m. This makes it fully capable of building very large crude carriers (VLCCs) and liquefied natural gas (LNG) carriers.
Each of its dry docks will be serviced by two 600 ton Goliath cranes. The yard will have a total quay length of 3.3 km. In terms of production, the yard will be able to build, on average, up to 50 medium-sized 4,300 TEU container vessels a year.
Although construction work is still ongoing, Hanjin's Subic Shipyard has already a brimming order book for 35 ships, worth US$3 billion.
The shipbuilding orders are made up of VLCCs, Capesize bulk carriers and mid-size container ships.
The orders also include eight 12,800 TEU post-Panamax container carriers, considered to be the largest in the world.
Open for business: The US$1.68 billion Subic Shipyard is Hanjin's first overseas shipyard and was established because space limitations at its main Busan shipyard prevented it from taking advantage of the sharp increase in market demand
The first phase includes a dry dock, hull making facilities, a four-storey administration building, a three-storey production and design building, field offices and training centre.
'We will promote the shipyard as a global shipbuilding base,' the company said.
The US$1.68 billion facility is Hanjin's first overseas shipyard and was established because space limitations at its main Busan shipyard prevented it from taking advantage of the sharp increase in market demand.
Work on the facility began in March 2006 after Hanjin signed a 50-year lease agreement with the Subic Bay Metropolitan Authority for a 350 ha seafront property at Subic Bay's Redondo Peninsula.
Employing 5,000 construction workers, the initial phase of the Subic yard was completed in just 13 months and fabrication work immediately began on its first order of six 4,300 TEU (20-foot equivalent units) container ships for Greece's Dioryx Maritime Corp.
By the time the shipyard comes into full production in 2016, it will be the fourth largest shipyard in the world.
It will have two massive dry docks, the largest of which will have a 700,000 ton capacity, with a length of 480 m and a width of 135 m. This makes it fully capable of building very large crude carriers (VLCCs) and liquefied natural gas (LNG) carriers.
Each of its dry docks will be serviced by two 600 ton Goliath cranes. The yard will have a total quay length of 3.3 km. In terms of production, the yard will be able to build, on average, up to 50 medium-sized 4,300 TEU container vessels a year.
Although construction work is still ongoing, Hanjin's Subic Shipyard has already a brimming order book for 35 ships, worth US$3 billion.
The shipbuilding orders are made up of VLCCs, Capesize bulk carriers and mid-size container ships.
The orders also include eight 12,800 TEU post-Panamax container carriers, considered to be the largest in the world.