January 16 2019
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...
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