RVG: Hanjin Shipping Woes No Effect To Hanjin Subic

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SUBIC BAY FREEPORT – Subic Bay Metropolitan Authority (SBMA) Chairman Roberto Garcia has assured workers of Subic shipbuilder Hanjin Heavy Industries and Construction-Philippines (HHIC-Phil) that their company is not affected by the problem besetting Hanjin Shipping Corporation.

“I think that the Hanjin workers in Subic have nothing to worry about because the financial woes affecting Hanjin Shipping has no impact on Subic,” Garcia said.

“They can rest assured that the Hanjin company in Subic is a separate entity and the one here is very stable,” Garcia added.

The Subic official issued the statement following inquiries from workers at HHIC-Phil’s Redondo Peninsula shipyard in this free port after Hanjin Shipping Co. Ltd., reputedly the world’s seventh largest shipping line, filed for bankruptcy protection in the United States last Friday.

Accordingly, the Korean shipping line was left bankrupt when creditor-banks rejected its debt-restructuring plan. Lately, Hanjin Group, which is its parent company, has announced it will out up $90 million to bail out the shipping line.

Garcia pointed out that the shipbuilding firm Hanjin in Subic Freeport and the bankrupt company Hanjin Shipping are two separate entities.

“HHIC-Phil is not related to Hanjin Shipping, so there is no need to worry,” he said, pointing out that the Subic shipbuilder has separated from the Hanjin Group in 2005.

Earlier, HHIC-Phil Managing Director for External Trade Yoo Hoan Jo also said that the Subic shipbuilding firm remains financially healthy and stable.

“Despite what is happening in the shipping industry, orders for container ships are still coming,” Jo said in a statement. He said the new orders include three Ultra Large Container Vessels (ULCVs) that will have the capacity to carry 20,600 twenty-foot equivalent unit (TEU) containers in one hauling.

The HHIC-Phil official added that the new projects “would likely mean additional workers for the completion of these three ULCVs.”

Jo said that “the tried and tested Filipino workers at the Subic shipyard” has helped Hanjin deliver 91 vessels since it started full operation at the Redondo Peninsula in 2008.

He added that the company has delivered 16 vessels last year and has numerous orders this year, including the three ULCVs.

Jo also said that the Subic shipbuilder now has 35,000 direct and indirect employees working on various operations at HHIC-Phil’s Subic facility.

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