Shipbuilder to Invest $40m in Central Facilities

Monday, February 05, 2007
Vinashin will invest $40m into building ten facilities to support the Dung Quat Shipbuilding Industrial Plant in central Vietnam. Construction of the factories is scheduled to begin this quarter in the Dung Quat Economic Zone of Quang Ngai Province. Under the plan, the new facilities will focus on manufacturing engines, pumping equipment, boilers and lifting equipment. Each plant will cost between $3.7m and $4.3m Vinashin has also recently opened a new subsidiary, Vinashin Offshore Industries in Hanoi. The new entity will focus on manufacturing floating storage and off-loading (FSO) units, moorings, oil drilling vessels and other industrial equipment. Vinashin Offshore also uses resources from the parent company and other affiliates to sign manufacturing contracts and upgrade facilities for marine exploitation. Under a Vietnam government strategy, Vinashin will build a national shipping fleet for to meet domestic transport and 30 percent of the export transport demand for crude oil. It targeted to rack up revenues of $1 billion this year, up from $690 in 2005. Selling off shares in its 21 remaining affiliates will be a key target for Vinashin this year. The giant said it was in need of $2.5b to carry out projects under the strategy of $1-billion in ship exports to 2010. To meet the export target, Vinashin plans to invest in upgrading 10 major shipyards capable of building 3,000-10,000 ton ships. It also plans to build seven shipyards, six shipbuilding industrial parks and seven shipbuilding industrial complexes throughout Vietnam. Vinashin has mobilized its investment and business capital through the Shipbuilding Industrial Finance Company. The group will set up a financial leasing company, a securities company, an insurance company, and shipbuilding industrial investment fund to attract domestic and foreign capital sources. Along with its 20 subsidiaries it has helped Vietnam become the world’s 11th largest shipbuilder. Source: Thoi bao Kinh te Vietnam
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Homeland Security Secretary Visits Ingalls Shipbuilding

Huntington Ingalls Industries' Ingalls Shipbuilding division apprises it has hosted a visit by Secretary of Homeland Security Secretary Jeh Johnson and U.S. Rep.

Finance

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1745 sec (6 req/sec)