ICTSI eyes Philippines expansion

HHIC Philippines Hanjin Heavy Industries and Construction Philippines. Credit: HHIC Philippines

International Container Terminal Services Inc (ICTSI) is negotiating with banks to purchase the facilities of bankrupt shipyard Hanjin Heavy Industries and Construction Philippines (HHIC Philippines).

The Philippines-headquartered port operator will certainly repurpose the site from its current use if the purchase goes ahead. It will consider developing the 300-hectare sit it into several multipurpose facilities including ports, power and steel, reported Ships & Ports.

“We’re still making presentations to the banks, the banks own it now…We’re developing a masterplan for Hanjin,” ICTSI Chairman and President Enrique K. Razon, Jr. said.

“Definitely, we don’t want anything to do with shipbuilding,” Mr Razon stressed.

Damen Group and an American shipbuilder are among parties interested in HHIC Philippines, according to Nikkei Asian Review. In February, it reported that HHIC-Phil filed for bankruptcy protection in January after failing to repay US$1.3bn of loans.

Hanjin’s assets in the Philippines are estimated to be worth US$1.6bn.

Port Strategy contacted ICTSI for comment but did not receive a response by deadline.

By Rebecca Jeffrey

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