Korea's Hanjin Heavy Industries & Construction (HHIC) has said its Philippines shipyard has filed for rehabilitation.
In a regulatory filing, the shipbuilder said HHIC-Phil, which operates the Subic yard, will carry out an insolvency scheme.
Orders have been tailing off as owners remain cautious on newbuildings in most sectors.
The yard was founded in 2004 and has 16 vessels - 14 aframaxes and two VLGCs - in its orderbook.
