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TITLE	HHIC-Phil’s Subic Shipyard hits US 5 billion dollar sales landmark
NO	9	DATE	2014-12-24	HIT	1770
HANJIN Heavy Industries & Construction (HHIC)-Phil’s Subic Shipyard hits US 5 billion dollar sales landmark - Crosses US 5 billion dollars in accumulated sales and reaches 100 vessels in accumulated order - Launches the construction of ultra large container ships and gas carriers for the first time… entering high value-added vessel market HHIC-Phil’s Subic Shipyard (President Ahn Jin-gyu) topped US 5 billion dollars in accumulated sales. HHIC-Phil’s Subic Shipyard is the largest shipyard in the Philippines with 300 ha in total area, which opened in Subic Bay in 2009. In just five years, the company reached US 5 billion dollars in sales and strengthened its leading position in the Philippines. HHIC features all kinds of state-of-the-art facilities including ultra large dock (550m in length, 135m in width), ten 4km-long quays, ultra-large gantry cranes and automated assembly lines with 600,000 DWT of annual shipbuilding capacity. Since the first ship was built in 2007, HHIC-Phil’s Subic Shipyard has built a total of 68 ships including container ships, tankers and bulk carriers and 7 inland and offshore plants until October this year. In particular, the Subic dockyard has gradually received orders since its first order to build four 4,300 TEU ships in February 2006 despite sluggish global market. As a result, it hit the 100 ship landmark in accumulated order in August this year. Thanks to these successes, the Philippines is now the world’s top 4 shipbuilder in the world. According to statistics announced by Clarksons, the world’s leading provider of integrated shipping services in the U.K., in particular, HHIC-Phil’s Subic Shipyard first entered the top 10 shipbuilders in the world in terms of orderbook. Based on the records provided by Subic Bay Metropolitan Authority (SBMA), in addition, the number of ships handed over by HHIC-Phil’s Subic Shipyard increased from 5 last year to 11 (US 900 million dollars) in the first half of this year, confirming its firm position as the largest exporter in the SBMA zone. The company achieved approximately US 4.2 billion dollars in terms of the total value of the ships handed over until now. In particular, it launched the construction of 8000㎥ LPG carriers in June and 11,000TEU ultra large containers last month, which means that the company finally entered ultra large ship and high value-added vessel market. In the past, HHIC wasn’t able to build large high value-added ships because of limited facilities in Yeongdo Dockyard. Now, it has the strong ground to evolve into a global shipbuilder after successfully strengthening mid- and long-term competitiveness. HHIC was founded in 1937 as Korea’s first shipbuilder. Since then, it played a forerunner’s role in Korea’s shipbuilding industry, building Asia’s first membrane LNG carrier, Landing Craft Air Cushion (LCAC), cable ship and icebreaker. However, the company started to fall behind because of limited facilities in Yeongdo Dockyard. It even gave up participating in bids. Since the completion of the Subic shipyard in 2009, the company has rebounded strongly, winning a bid for the construction of the Very Large Crude Carrier (VLCC). This year, the global shipbuilder received orders for 300,000DWT VLCC and 10,000TEU ultra large container ship. So far, it already booked enough advance orders (39 ships, approx. US 2.6 billion dollars) for three years of production and further strengthened its position as a renowned global shipbuilder. HHIC-Phil’s Subic Shipyard has also created jobs (26,000 employees) and made a big contribution to a local society, strengthening its ground as the largest exporter in the Subic Special Economic and Freeport Zone. In particular, the global shipbuilder established Skill Development Center (SDC) and fostered engineers in various fields such as welding and painting. In fact, the company’s weakness had lied in human resources. With the modern center, it was able to solve this problem fundamentally. So far, SDC produced 42,000 graduates, and they have found a position in diverse fields. As they get used to their job, their labor productivity compared to domestic manpower increased from 30% to over 60%. The SBMA chairman Roberto V. Garcia said, “HHIC-Phil’s Subic Shipyard has been recognized as one of the most successful foreign investments in the industrial history of the Philippines because it has achieved win-win growth with related industries, boosted national economy, created jobs and made a contribution to a local society.” He added, “We are going to provide full support to SMBA investors to facilitate economic cooperation and promote investments between the two countries.” Ahn Jin-gyu, President of HHIC-Phil’s Subic Shipyard, said “So far, the shipyard’s quantitative aspects such as its size and facilities have been emphasized. Now, we are going to achieve qualitative growth with the production of high-profit ships through the continued improvement of competitiveness and gradually expand our shipbuilding capacities up to ultra large ships, high value-added vessels and offshore plants.” He continued, “The Subic shipyard will concentrate on a global shipbuilding sector while the Yeongdo dockyard will focus on commercial vessels and high-technology special-purpose ships to help the company become the world’s leading shipbuilder.”