Fortune Marine News

The Pha Rung Shipyard in the northern port city of Hai Phong on August 15 began work on its largest-ever cargo ship of 34,000 DWT and an oil tanker of 6,500 DWT. As part of Pha Rung's contract to build 8 cargo ships for Graig Invetments of the UK, the 34,000 DWT ship, worth 26.5 million USD, is designed utilising state-of-art technology and will meet all international conventions on maritime operation. This is the most modern and largest ship that Pha Rung, a subsidiary of the Viet Nam Shipbuilding Industry Corporation (Vinashin), has ever built, a company executive said, adding that the ship is expected to be handed over to its owner in 18 months.

The Bank for Investment and Development of Viet Nam’s Hai Phong branch has signed a credit guarantee with Pha Rung Shipbuilding Co for the construction of four oil and chemical tankers on behalf of South Korea’s Fortune Marine Co. The bank will guarantee repayment of loans to build four tankers, worth $42.3m. The bank last year also signed a credit guarantee with Pha Rung for the building of an oil and chemical tanker for South Korea’s YN Shipping. Pha Rung said it would deliver a number of new vessels this year and has competed repairs and maintenance on a number of vessels. (Source: Viet Nam News)