Chinese Firms Eye Shipyard In Subic Bay

Two Chinese shipbuilding companies, one of which is state-owned, are seeking to purchase a major shipyard in the strategic Subic Bay in the Philippines, reports the Stars and Stripes.

The firms are competing to buy a commercial shipyard in Subic Bay from South Korea’s Hanjin Group, local media reported on Jan. 12.

Hanjin Philippines has defaulted on US$412 million in loans, owes US$900 million to South Korean creditors and recently declared bankruptcy, reported the Philippine Daily...