Shipbuilder constructs large oil tankers in Subic, a first in RP history

MANILA, Philippines - A South Korean shipbuilder will construct two Very Large Crude Carriers (VLCCs) in Subic Bay, allowing the company to build large oil tankers for the very first time. Besides being a first in the history of Philippine maritime construction, the $330 million project comes after the company built two ships in its local shipyard, one in July and another in August. The $330-million initiative will build two oil tankers for Emarat Maritime LLC (EML) of the United Arab Emirates, the Philippine unit of Hanjin Heavy Industries & Construction (HHIC) said. An agreement for the project was already signed last September 3 between EML President Jitendra Misra and HHIC Philippines President Kyu-Won Park. Each 320,000-ton ship will be 333 meters long, 60 meters wide and 30.5 meters deep, with speed of up to 16 knots. These vessels will feature double-hulls to comply with international maritime standards and will be delivered in June 2011. The project also signifies the shipyard’s entry into large vessel production. “We don’t have the space requirements in South Korea, so it is only here in Subic that we can build these huge carriers," PJ Yu, Hanjin’s business department head, said. He added that the dry dock—to be completed in December—will be able to accommodate VLCCs, which measure 550 meters long and 135 meters wide. Hanjin has secured ship construction deals worth $630 million, including a bulk carrier for Sealink Shipping of Hong Kong on August 27, and two bulk ships for German-based MPC Steamship on the same date. Hanjin’s new project is expected to accelerate Subic Bay’s recognition as a “world-class shipyard," Armand Arreza, Subic Bay Metropolitan Authority Administrator said. - GMANews.TV