2 Chinese shipbuilders eyeing Hanjin Heavy.

Two Chinese shipping firms are keen on Hanjin Hanjin Heavy Industries and Construction Philippines (HHIC-Phils.), which is undergoing serious cash flow problem for its shipbuilding operation in Subic Bay, according to the Board of Investments (BOI).

Trade and Industry Undersecretary and BOI Managing Head Ceferino Rodolfo said they are helping Hanjin finding its white knight stressing the current situation of Hanjin presents a very good opportunity to investors. (Related story on B-3)

“They have been a valued investor and we are looking at linking them with investors. This is an opportunity and we hope to resolve this quickly,” Rodolfo said noting the two Chinese shipbuilders immediately called him up as soon as they got wind of Hanjin’s dire situation.

Rodolfo said the interested China state-owned shipbuilder, which is represented by an investment management company, has called him up for more information about Hanjin.

With the strong interest coming from the Chinese investors, Rodolfo expects quicker resolution to Hanjin’s cash shortfall.

He did not divulge the identity of the two Chinese shipbuilders but said that the first one currently produces small vessels but the other company is China state-owned engaged in the production of big commercial vessels.

Rodolfo, who met Wednesday with Hanjin’s top officials in Subic, pointed out that the current Hanjin situation can allow investors can pay the $412million debt from five local banks led by BDO, and the investor can already assume operations of the shipyard, which is now currently finishing two orders of ocean going vessels with the remaining 3,800 workers.

This means the new investor will only take care of the bank creditors. The Hanjin headquarters in Korea will take charge of the supply creditors.

In addition, the new investor has to shoulder $12 million in monthly operating expenditures.

Hanjin Philippines, which is into the building of commercial ships, has also pending orders for 8 vessels, which will be an advantage to the new owners or joint venture partners.

It has also a huge shipyard in Subic Bay with total investments of $2.6 billion.

This makes Hanjin very attractive to investors.

Aside from the Chinese companies, the BOI has already brought Turkish investors last year to Hanjin.

Hanjin’s financial was largely affected by the implementation of the heavy tailend payment system wherein 70 percent of the purchase cost will only be paid by the buyer upon delivery of the vessel.

Rodolfo also surmised that Hanjin maybe consolidating its operations in Korea focusing on military naval ships and special purpose vessels.

At the height of its operation, Hanjin has roughly 40,000 employees. It has also trained 100,000 Filipinos, mostly welders.

The DTI said they have the complete list of the workers that they may be helped get new employment or granted livelihood opportunities.