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

People & Company News

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

Shipbuilding

SCHOTTEL Debuts EcoPeller with High-torque Gears

Propulsion and steering systems manufacturer SCHOTTEL has unveiled its new EcoPeller (SRE), which it said offers improved efficiency and robustness. Playing a

Fincantieri Delivers Carnival Vista

Carnival Vista, the new flagship of the fleet of Carnival Cruise Line, brand of the Carnival Group, was delivered today at Fincantieri’s shipyard in Monfalcone.

Samsung Heavy Loses $4.6-bln FLNG Order

South Korea’s shipbuilder Samsung Heavy Industries (SHI), the world’s third-largest shipbuilder,  has received a contract termination for three floating liquefied

 
 
Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.0917 sec (11 req/sec)