Vinashin on Brisk Demand

Wednesday, August 23, 2006
Reports said that Viet Nam Industrial Shipbuilding Corporation (Vinashin) Expects to earn $500m from shipbuilding contracts through next year, the Ministry of Trade reported. Export turnover from the shipbuilding industry stood at $200 million last year. Vinashin has finished negotiating shipbuilding contracts with foreign buyers that would generate an estimated $1.5b in revenue through 2009. Vinashin estimates that with an investment of $3b over the next 10 years, it would reach a productivity of $3b per year. The corporation was currently implementing large shipyard projects approved by the Government. The Ministry of Trade concurred that, by 2010, the domestic shipbuilding industry could earn $1.7 billion from building and exporting ships.

Vinashin has beat out rivals in Asia, including from Japan, to win contracts. In 2004, Vinashin penetrated the European market by signing contracts with the UK’s Graig which ordered cargo ships of 53,000 DWT. Last year, the corporation got important orders including a contract to build a container ship with a capacity of 700 TEU for Germany’s MPC Marine. The Singapore Business Times stated that Viet Nam was endeavoring to join the world’s leading shipbuilders and that Vinashin was a comer in the industry. Despite a relative lack of experience, the newspaper said, the corporation has two great advantages: low labour costs and quick delivery.

Vinashin is now building shipyards with a capacity to build ships of up to 100,000 DWT. The corporation has signed co-operative agreements with foreign shipbuilding companies to provide and support hydraulic engines and high-capacity diesel engines. Vinashin has established a joint venture with South Korea to build Hyundai-Vinashin, the largest regional shipyard, capable of repairing ships of up to 100,000 DWT.

Vinashin said that the world shipbuilding industry was booming due to three factors. First, strict environmental protection requirements of the International Maritime Organisation required countries to minimise the use of single-hull oil tankers. As a result, many clients have sought to build new large ships before the regulation takes effect.

Second, China’s heated economic development and brisk maritime trading between Asian countries and the US have spurred demand for ever-larger vessels capable of carrying 10,000 containers. Third, the thirst for oil and liquefied natural gas (LNG) in such countries as China and India have driven up demand. source: VNS

Maritime Reporter August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Kurdish Crude Oil Tankships: End-Game Still in Doubt

After a legal show-down in Texas this week, the outlook for a handful of tankers holding some $300 million worth of Kurdish oil is not looking good. Seemingly

Greek Warship Evacuates Libya Personnel

Greece safely evacuated embassy staff and more than one hundred Chinese and European nationals from Libya early on Friday with a navy frigate sailing back to the Greek port of Piraeus,

Children’s Day at Gazprom Transgaz Saratov

On May 31 and June 1, 2014 . Over two thousand children from the Saratov, Tambov and Penza Regions took part in sports competitions, environmental quizzes and

Shipbuilding

Jinhai Heavy Industry Secures Another Invention Patent

Jinhai Heavy Industry of China has received patent rights for its large ship superstructure hoisting method after a state intellectual property review. The patent rights is for twenty years.

Korea Shipbuilder Wins US$400-M Greek Order

Daewoo Shipbuilding & Marine Engineering Co., South Korea’s second-largest shipbuilder, says it has signed a contract to build 4 tankships for Maran Tankers Management,

Tuco Marine Sells First ProZero Fast Workboat

Tuco Marine Group says that it has sold its first boat shortly after the launch of ProZero, the new range of boats for the professional market. The vessel was sold

 
 
Maritime Contracts Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators 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: 0.1381 sec (7 req/sec)