HHIC seeks to relocate its shipyard in Busan

Hanjin Heavy Industries & Construction Co. Yeongdo Shipyard in Busan

South Korea’s Hanjin Heavy Industries & Construction Co.(HHIC) is seeking to relocate its Yeongdo Shipyard in southeastern Busan to another wharf within the port city to build a bigger and more advanced shipbuilding facility for special purpose ships.

HHIC’s Yeongdo Shipyard was built near the old town district of Korea’s major port city Busan in 1937. Its outdated facilities require makeovers, but it is difficult to refurbish and expand the 260,000-square-meter dock surrounded by residential and business areas.

Instead of redeveloping the old site, the shipbuilder is seeking to move its shipyard to Sinseondae district located on the opposite side of the harbor. The area is 1.16 million square meters and currently used as dockyards and shipping docks. HHIC plans to lease part of Sinseondae and 330,000-square-meter reclaimed land next to it to build a new yard for special purpose vessels.

Once HHIC completes building a shipyard in Sinseondae, it plans to develop the area as a new urban center like the Minato Mirai 21 in Yokohama, Japan that was transformed into a multi-complex for businesses, shopping, and tourism from a shipbuilding cluster.

HHIC plans to seek approval from Busan Port Authority that is Sinseondae dockyard owner. According to the Busan Port Authority, the area is already reserved to serve as dockyards and shipping docks until 2030, but it said it could positively review adjustment in the plan to accommodate HHIC’s plan if it helps regional economy.

The Original Posted By Park Dong-min and Cho Jeehyun/Maeil Business News Korea