HD Hyundai and the Philippines plan to expand defense cooperation
HD Hyundai Chairman Chung Ki-sun met in Seoul, South Korea, with Philippine National Defense Secretary Gilberto Teodoro Jr. to discuss deepening the strategic partnership in shipbuilding and maritime defense. This was reported by The Korea Herald.
Fleet modernization
The parties reviewed a decade of defense cooperation and agreed to expand interaction aimed at modernizing the Philippine Navy and increasing the competitiveness of the local shipbuilding industry.
HD Hyundai’s defense cooperation with the Philippines began in 2016, when HD Hyundai Heavy Industries signed an agreement to build two 2,600-ton frigates for the Philippine Navy. Since then, the parties have cooperated on the construction of warships and follow-up support programs.
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Shipyard in Subic
One of the main topics of the talks was the launch last year of HD Hyundai Philippines in Subic. The company took over the former Hanjin Heavy Industries shipyard in Subic Bay to resume commercial shipbuilding and implement maritime defense projects.
HD Hyundai recently launched the first vessel built at this site, with delivery to the customer scheduled for next year. The shipbuilder also intends to gradually increase local production capacity, taking into account operating conditions in the country.
According to the publication, HD Hyundai Heavy Industries has secured contracts for 12 vessels for the Philippine Navy and gained trust through early deliveries. In 2022, the company also established a local logistics center that provides maintenance, repair and overhaul services.
