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Cebu shipbuilder to deliver PHís largest vessel

180,000 DWT ship bought by Japanese firm

By Paolo Montecillo
Philippine Daily Inquirer
First Posted 22:10:00 11/08/2010

Filed Under: business, Shipbuilding, International (Foreign)Trade

MANILA, Philippines?Cebu-based shipbuilder Tsuneishi Heavy Industries Inc. (Thici), one of Cebu?s largest employers, is set to deliver the biggest locally built sea vessel to its new owners this Thursday.

In a statement, Thici?a joint venture between Japan?s Tsuneishi group and local conglomerate Aboitiz Equity Ventures (AEV)?said it recently completed the construction of a 180,000 deadweight ton bulk cargo vessel to be delivered to Kambara Kisen of Japan.

?The bulk carrier with hull number SC-185 and named Tenshu Maru is the 114th ship built by the company,? it said in a statement. Thici delivered its 113th ship to its owners only last July 12.

Thici is located in Balamban, Cebu, and was established in 1994. The company builds merchant ships of up to 100,000 deadweight tons and delivers to different parts of the world.

Thici uses the same high-quality shipbuilding technologies and standards as those in Tsuneishi, Japan. The Japanese firm owns 80 percent of the company while the Aboitiz group owns the balance of the shares.

Thici?s main facilities are located at a 55-hectare land and consists of two slipways, floating docks for ship repair, floating cranes, warehouse, assembly factory, hardcover factory, pipe factory, paint shop, machine shop and an office building.

Last year, the company said it had invested P12 billion for the expansion of the Cebu facility that will eventually employ around 9,000 workers from the 4,000 a year ago.

The Cebu-based Aboitiz family is also engaged in other industries such as transportation, banking, energy generation, food, real estate and construction.

AEV chalked up a P5.6-billion profit in the third quarter of the year?up by 128 percent year on year?on the back of robust power, banking and food businesses.

For the nine-month period, AEV posted a consolidated net income of P16.8 billion, an increase of 187 percent year on year. This translated to earnings per share of P3.05 for the period.



Copyright 2014 Philippine Daily Inquirer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



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