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 Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Karl Senner Inks Distribution Deal with Electronic Power Design

Karl Senner, LLC (KS) has reached a new strategic representation agreement with Electronic Power Design (EPD). Karl Senner, LLC now represents EPD in the United States marine and offshore Markets.

Shipbuilding

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

Seacor Takes Delivery of 10,800 HP Crewboat

Seacor Marine is building ever larger and more powerful mono-hull crew/supply boats. The first of these to be delivered is the 202x34-foot Alex F. McCall with some very impressive statistics.

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1731 sec (6 req/sec)