In a significant strategic purchase, US private equity firm Cerberus will buy the debt-ridden Hanjin Subic Shipyard in a former US navy base in the Philippines for US$300 million.

The US equity firm’s $300 million purchase of the strategic shipyard could herald a restored US naval presence in its ex-colony along the South China Sea.

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The Subic shipyard is considered strategically important because of its deep-water harbor and access to the embattled South China Sea. Until 1992, it hosted the US Naval Base Subic, one of the largest overseas US military bases.

The deal will reportedly be finalized on April 15 after a long and tenuous process that saw at least eight foreign companies interested in acquiring the shipyard, including Austal from Australia and two unidentified Chinese firms.

Asia Times / ABC Flash Point Shipping News 2022.

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B-ware
B-ware
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16-03-22 12:30

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Baroud
Baroud
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Reply to  B-ware
24-03-22 11:47

Preparing a useless and worthless attack on China?