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Hanjin Heavy bags $140 mn order to build patrol vessels for the Korean Navy

Collected: 2016.10.18

Distributed: 2016.10.19

Source: Go Direct

South Korea’s Hanjin Heavy Industries & Construction Co. has won a deal to build five 500-ton patrol vessels from the Korean Navy. According to the Public Procurement Service on Monday, Hanjin Heavy was chosen as a preferred bidder after offering to build the ships at 158.9 billion won ($140 million) last Friday.

Separate order for one 3000-ton and three 500-ton patrol ships worth 180 billion won fell through after failing to attract enough bids to meet workable competition provision for public procurements. The state agency will re-invite bids on Wednesday.

The orders from the Navy that are both reliable and profitable drew keen interest from domestic shipyards hungry for new work.

Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. (DSME), Hanjin Heavy, STX Offshore & Shipbuilding Co. and Kangnam Corp. with manufacturing capacity in special vessels have dominated Navy procurements.

DSME announced last Tuesday that it won a 340 billion worth deal to construct a new frigate FFG-II that weighs 2,800 tons for the Navy. Hanjin last Wednesday said that it received a 199 billion won worth order to build three high-speed patrol boats.

Hanjin Heavy specializes merchant shipbuilding at its Subic Shipyard in the Philippines and constructs specialized vessels such as defense ships exclusively at its Yeongdo Shipyard in Busan. DSME has been considering a spin-off of its specialized defense unit and stake sale of the newly created entity in order to raise liquidity.

By Park Yong-beom

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