Vinashin Sees $493M Turnover in 2005

The Viet Nam Shipbuilding Industry Corporation (Vinashin) generated a turnover of $493 million last year, marking a 41 percent jump over 2004 revenue. Last year the corporation signed a number of major construction contracts for large cargo ships. Many of the deals were made with countries with advanced shipbuilding capacity, including Denmark, the UK and Poland. Last August, Vinashin closed a $68 million deal to supply four container ships to Denmark’s Rederiet Fabricius A/S. Fabricius Marine placed a $4.3 million order for a 2,500 DWT container ship, scheduled for delivery by late 2006, while the company took on a $212 million contract to build eight cargo ships for UK-based Graig Investment Company. The largest single contract signed by the corporation was to build 21 53,000-tonne cargo ships for a British shipping concern, with a unit cost approaching $22 million. Vinashin this year expects to gain a turnover of more than $705 million, year-on-year increases of 44 percent. (Source: VNS at http://vietnamnews.vnagency.com.vn)