First Steel Cut for 115,000-Ton PC Ship in Subic Bay
President Marcos Attends Ceremony... Second Overseas Shipyard for HD Hyundai
HD Hyundai Heavy Industries, the intermediate holding company for shipbuilding within HD Hyundai, has begun its first ship construction project in the Philippines.
On September 2, HD Hyundai Heavy Industries announced that it held a steel cutting ceremony at the HD Hyundai Philippines Shipyard located in Subic Bay, Philippines, for the construction of a 115,000-ton petrochemical product carrier (PC ship). The steel cutting ceremony, which marks the process of cutting the first steel for shipbuilding, was attended by Ferdinand Marcos Jr., President of the Philippines; MaryKay Carlson, Ambassador of the United States to the Philippines; and Lee Sanghwa, Ambassador of South Korea to the Philippines.
HD Hyundai Heavy Industries held a steel cutting ceremony on the 2nd at HD Hyundai Philippines Shipyard located in Subic Bay, Philippines, for the construction of a 115,000-ton petrochemical product carrier. From left in the photo: Oh Segwang, CEO of HD Hyundai Philippines Shipyard; Kim Seongjun, CEO of HD Hyundai Heavy Industries; Ferdinand Marcos Jr., President of the Philippines; Lee Sanghwa, Ambassador of South Korea to the Philippines; and MaryKay Carlson, Ambassador of the United States to the Philippines. Provided by HD Hyundai Heavy Industries
This PC ship is the first vessel to be built by HD Hyundai Philippines and is the first in a series of four ships ordered by an Asian shipping company in December of last year. In May 2024, HD Hyundai Heavy Industries signed a lease agreement for part of the shipyard site with the U.S. private equity fund Cerberus Capital, launching HD Hyundai Philippines as its second overseas shipyard. Previously, the company had established HD Hyundai Vietnam Shipyard in Vietnam in 1996, growing it into the largest shipyard in Southeast Asia. The company stated, "With the domestic shipbuilding industry having lost ground to China in the general commercial vessel market, including bulk carriers and tankers, we expect to regain competitiveness through HD Hyundai Philippines."
Additionally, the company plans to establish a cooperative framework with the Philippine government and utilize HD Hyundai Philippines as a strategic hub for the Marska project, a Korea-U.S. shipbuilding cooperation initiative. Its proximity to other overseas bases such as HD Hyundai Vietnam Shipyard and HD Hyundai Vina is expected to create synergies in the supply chain for equipment and workforce management. Kim Sungjun, CEO of HD Hyundai Heavy Industries, said, "The Philippines is emerging as a new powerhouse in shipbuilding, backed by government support and excellent human resources. We will further strengthen our global order competitiveness through HD Hyundai Philippines."
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