Vietnam Lumbered with Old Ships

VietnamNet Bridge
Tuesday, March 05, 2013

Vietnam's Ministry of Transport (MOT) propose law be amended to enable scrapping of some 22 Vietnam owned ships flying flags of convenience.

According to VietnamNet Bridge a recently released MOT report showed that there are many state-owned and private ships berthed in Vietnam, which cannot be made commercial use of any longer because they do meet maritime safety requirements.

The ministry believes that it would be better to demolish the ships and sell them, however, the country's current valid Environment Protection Law prohibits legal entities to import into Vietnam used transport vehicles for demolishment.

Some years ago, when the sea shipping industry was in its golden age, many Vietnamese ship owners decided to buy old ships at low prices which flew foreign flags (so as to dodge the Vietnamese laws which did not allow purchase of excessively old ships). 

The investors believed that they had made good deals then, because they would make some money with the old ships before selling them for scrap later. 



However, their plans were upset when the shipping market fell into a crisis, the ship owners did not get orders, while they could not demolish to sell the ships as it would violate the laws to demolish vessels in Vietnam, while it would be too costly to bring the ships abroad to demolish.


Source: VietnamNet Bridge

Maritime Today


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

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

Legal

Winners of International Seafarers' Welfare Awards

The winners of ISWAN's International Seafarers' Welfare Awards 2016 were announced on 24th June at a high-profile ceremony held in Manila, the Philippines. The

Traffic Separation Schemes off Western Australia

On 1 December 2016 two new Traffic Separation Schemes (TSS) will come into effect off the south-west coast of Western Australia. Australia’s proposal to establish

Berthing Policy for Dry Bulk Cargo for Indian Ports Unveiled

Ministry of Shipping has formulated a new Berthing Policy for Dry Bulk Cargo for all Major Ports which will come into effect from 20th August, 2016. The objective

Finance

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money

Environmental

MISC Publishes its 2015 Sustainability Report

MISC Berhad (MISC) today announces the publication of its 2015 Sustainability Report, covering the Company’s commitment, strategy and performance for the year ended

Admiral of the Ocean Sea Award Recipients Named

The United Seamen's Service (USS) 2016 Admiral of the Ocean Sea Awards (AOTOS) will be presented to Arthur E. Imperatore, Founder and President of New York Waterways; Donald Marcus,

Orca Energy ESS to Power Fish Farm Support Vessel

Grovfjord Mek. Verksted AS (GMV) has selected Corvus Energy as the supplier of the lithium ion based energy storage system (ESS) for a fish farm support vessel called GMV ZERO.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction 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: 0.0700 sec (14 req/sec)