A court restructuring of Hanjin Heavy Industries & Construction (HHIC)’s Subic Bay yard may have a silver lining for the shipbuilder and its customers by ensuring operations continue amid the prolonged shipbuilding downturn.
The South Korean-owned shipyard filed for a rehabilitation scheme in the Philippines this week, as TradeWinds has reported.
One shipbuilding source familiar with the Philippines yard said the continued poor shipbuilding market and low newbuilding prices had left it with a thin orderbook.
