Vinashin Gets Nod for Restructuring

Friday, May 19, 2006
The Government Office announced a proposal to establish the Vietnam Shipbuilding Industry Economic Group (Vinashin Group) by restructuring the Viet Nam Shipbuilding Industry Corporation (Vinashin) had been approved. The Vinashin Group would become a multiple-owner business with the State holding a majority stake, comprised of State-owned and equitised subsidiaries, it said. Under the plan, the group would function as the financial investor for its other concerns, and control the capital holdings, technology, trademarks and markets of its subsidiary companies. The Government also issued official approval of the establishment of a holding company for the Ha Noi-based Viet Nam Shipbuilding Industry Group. The group is to maintain its board of management, a general executive manager and other general managers after the restructuring is complete. Last year Vinashin earned $481m from building cargo vessels for domestic and international clients, a 41 percent increase over 2004. Most of the contracts were signed with international shipbuilding firms using technology from the UK, Denmark and Poland. The company, which recently launched a 13,000-ton oil tanker, is to begin construction this July on the largest oil tanker ever built in Viet Nam, a 100,000-tonne vessel commissioned by the Viet Nam Oil and Gas Corporation (PetroVietnam). A recent increase in building capacity means Vinashin will be able to routinely build 80,000-ton cargo ships and 300,000-ton oil tankers by 2010, it said. As of January 2006, Vinashin had secured contracts worth a combined $2 billion, and has targeted $1 billion in revenue this year, up from last year’s $690 million. Vinashin and its 20 subsidiaries have made Viet Nam the world’s 11th-largest shipbuilder. Source: VNS

Maritime Today


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

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Maersk to Scrap Ships at India's Alang Beaches, NGO Dismayed

Maersk Line said on Friday it had chosen four shipbreaking yards along India's Alang beaches to handle an increase in vessels that need to be scrapped, to the dismay

Teknotherm Marine Moves HVAC Arm to Bergen

Maritime heating, ventilation and air conditioning (HVAC) firm Teknotherm Marine has established a new subsidiary is established with the name Teknotherm Marine HVAC AS.

Shipbuilding

Nordana Sea Delivered to Symphony Shipping

After successful sea trials, M.V. Nordana Sea was delivered to Symphony Shipping on February 11, 2016. Constructed by builder Ferus-Smit in the Netherlands (yard number 419),

James Troop Supplies Engines for 3 Naval Vessels

Liverpool City Region (UK) based ship engine specialist James Troop & Co has won an order to supply Volvo Penta diesel engines for three European naval vessels being built on Merseyside.

OSV Delivered to MC2 in Dubai

Marine Core & Charter LLC (MC2) headquartered in Dubai has taken delivery of the new build PETRA-1, the first of two, 45-meter Fast Offshore Support Vessels in

 
 
Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0924 sec (11 req/sec)