Patanne Two shipbuilding firms at the West Cebu Industrial Park in Balamban have started producing world-class vessels. They can't afford to buy new vessels. He cited one big domestic shipping company that has yet to recover from the effects of the currency crisis, particularly on its foreign currency-denominated loans. The loans were used to purchase a refurbished second-hand vessel. He added that shipping operators have also been complaining that the government has not offered any incentive for the acquisition of new ships.
Speed is the essence in shipping.
Cebu, as a vital transshipment point, is acknowledged as the hub of inter-island shipping. Both companies, joint ventures of the Aboitiz Group of companies and their Japanese and British partners, are located in the industrial town of Balamban in Cebu's western seaboard. Valiente said both companies are capable of producing four vessels a year. Last year, Tsuneiship built four of these huge bulk carriers for clients in Europe. Four more are lined up for this year.