Nautilus Shipyard gets fiscal benefits for Navotas facility

Nautilus Shipyard Repair Inc. is getting fiscal incentives for its new facility at the Navotas Fishery Port Complex in Navotas City, the Board of Investments noted on Thursday.

 

The Investments Board approved the request of Nautilus Shipyard to register its P259-million ship repair facility as a business venture qualified to get tax breaks and duty-free importation of capital equipment.

 

Global demand for marine vessels and ships lifted ship building and repair to a $106 billion industry, the according to the BOI citing 2010 figures. 

 

Expected to start operating in June 2013, the Nautilus Shipyard facility has a yearly capacity of 96 vessels, using use standard lifting equipment for vessels up to 45 feet wide weighing 600 tons. Its minimum berthing capacity is pegged at 7,500 deadweight tons. 

 

Philippine-based shipbuilders employ about 39,000 workers, 70 percent of whom are skilled and semi-skilled labor, according to the Maritime Industry Authority.

 

Shipbuilders operating in the Philippines include Korea's Hanjin Heavy Industries Corp., Japan's Tsuneishi Holdings Corp., and Singapore's Keppel. — VS, GMA News