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 Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Henriksen Unveils Strongest SOLAS Boat Lifting Hook

H Henriksen of Norway has received SOLAS certification for a new off-load single-point boat lifting hook capable of holding up to 22.5-tonnes. The quick release

Evergreen Line Orders Ten 2,800 teu Ships

Taiwanese shipping company Evergreen is ordering ten 2,800 TEU container ships from Japanese shipbuilder Imabari Shipbuilding Co.,Ltd and compatriot CSBC Corporation.

Escort Tug Launched for Bay-Houston Towing

Eastern Shipbuilding Group, Inc. announced the launch of the Escort Tug H. DOUGLAS M (Hull 236) for Bay-Houston Towing Company on November 17, 2015. This series of Robert Allan, LTD.


S&P Raises Steamship Mutual outlook to Positive

Poor’s has revised its outlook on Steamship Mutual to Positive from Stable. The A- financial strength rating has been reaffirmed. In their announcement Standard

Norwegian Escape with Biggest Scrubbers sets Sail

On a sunny October day in the German harbor-town of Hamburg, M/V Norwegian Escape, a brand new cruise ship, sets sail for the first time. On board are five Yara SOx scrubbers – one for each engine.

ZIM Integrated Shipping Remains Profitable

Despite challenging market environment with freight rates reaching historic lows in several key trades,  ZIM Integrated Shipping Services continues to outperform

Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.0944 sec (11 req/sec)