Korea's Hanjin Heavy Industries & Construction (HHIC) has said its Philippines shipyard has filed for rehabilitation.
In a regulatory filing, the shipbuilder said HHIC-Phil, which operates the Subic yard, will carry out an insolvency scheme.
Orders have been tailing off as owners remain cautious on newbuildings in most sectors.
The yard was founded in 2004 and has 16 vessels - 14 aframaxes and two VLGCs - in its orderbook.
It won eight new contracts last year: aframaxes for CMB, Cukurova Holding and Eastern Pacific, according to Clarksons.
Deliveries run into 2021.
Assets have been valued at $1.64bn, with 4,000 people employed there.
