Vinalines Plans to Expand Fleet

Monday, February 12, 2007
Vinalines plans to expand its fleet of ships so it can transport 2.6 million tons of cargo by 2010 A company official said Vinalines would continue to invest in building new seaports in Dinh Vu, off the northern port city of Hai Phong, in Quang Ninh Province; Hiep Phuoc in HCM City; Cai Mep-Thi Vai in Ba Ria-Vung Tau Province, in addition to Vung Tau container port. The company is aiming for an average cargo capacity of between 50-55 million tonnes at each of its ports by 2010. Vinalines is also looking to turn Van Phong port in the central province of Khanh Hoa into a modern international entrepot.

Vinalines expects to complete the first phase of its building plans for logistical and maritime services nationwide by 2010. Vinalines said it is also planning to move into banking and finance, as well as shipbuilding and transport-infrastructure development. The company said the corporation had completed a plan to convert to parent/subsidiary companies, which was granted government approval on September 29 last year. The company has also joined forces with the Maritime Development Joint-stock Company and the East Maritime Joint-stock Company to construct a new shipyard.

Vinalines expects to transport 24.8 million tonnes of cargo this year - an increase of 8 per cent on 2006, worth a record revenue of $750m. This year, the corporation plans to purchase 29 more vessels, with a total capacity of 692,000 DWT. In an attempt to increase its turnover, Vinalines said it will continue to build new cargo ships and mobilize investment capital to build container ports in Ba Ria-Vung Tau Province to receive ships of between 10,000-12,000TEU.

Source: VNS

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