HD Korea Shipbuilding & Offshore Engineering (HD KSOE) Co., a subholding company of shipbuilding, oil refining and machinery conglomerate HD Hyundai Co., launched its first vessel construction project in the Philippines on Tuesday, reports Yonhap News Agency.
First vessel construction project in Philippines
The company held a steel-cutting ceremony at HD Hyundai Subic Shipyard in Subic Bay to mark the start of a 115,000-ton petrochemical carrier project. The vessel is the first of a four-vessel order placed by an Asia-based shipping company in December.
The event was attended by Philippine President Ferdinand Marcos Jr., South Korean Ambassador to the Philippines Lee Sang-hwa and U.S. Ambassador to the Philippines MaryKay Carlson.
HD KSOE signed a lease agreement with U.S. investment firm Cerberus Capital in May 2024 for part of the facility to launch the company’s second overseas shipyard.
The company expects its Philippine operation to help it regain competitiveness in the general merchant ship market, where Korean shipbuilders have been losing ground to Chinese rivals.
HD KSOE also plans to strengthen ties with the Philippine government and utilize the shipyard as a strategic base for the “Make American Shipbuilding Great Again (MASGA)” project, a joint Seoul-Washington shipbuilding cooperation initiative.
“Backed by government support, natural advantages and a skilled workforce, the Philippines is emerging as a rising shipbuilding nation,” Kim Sung-joon, chief executive officer (CEO) of HD KSOE, said. “We will leverage HD Hyundai Subic Shipyard to further enhance our global competitiveness.”
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Source: Yonhap News Agency
