Philippine Navy Plans Use of Hanjin Subic Shipyard
(Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.
The Philippine Navy plans to occupy a portion of Hanjin Heavy Industries & Construction Co. Ltd.’s shipyard in Subic Bay north of the capital, Vice Admiral Giovanni Carlo Bacordo said.
The Navy has signed a preliminary term sheet to indicate “that we are serious” with the plan to occupy about 100 hectares of the shipyard as a docking facility for its fleet, Bacordo told reporters on Monday.
The Covid-19 pandemic has delayed its plan to acquire its first two submarines, Bacordo said, adding that France, South Korea and India are among those interested to supply. The Navy remains interested in acquiring cyclone class patrol vessels from the U.S., he said.
©2021 Bloomberg L.P.