Graig Investment Co News

Fortis Bank will provide as much as $200 million in credit to Vietnam's biggest shipbuilder Vinashin to finance expansion, according to wire reports. The unlisted state-controlled company aims to invest around $1 billion to upgrade and expand its shipbuilding and repair yards. In May this year, Vinashin won a $322.5-million contract to build 15 freighters for Graig Investment Co, a British firm, and is negotiating for another 8. The company, which is capable of building oil tankers with a gross weight of 100,000 tons, is aiming for annual revenue of more than $5 billion by 2010.

A 53,000-ton container ship, named Dinamod 53, was launched on June 13 by the Nam Trieu Shipbuilding Industry Company in northern Hai Phong city. The Dinamod 53, the biggest ever built in Vietnam at a total cost of $29m, is 190 m long and 32.26 m wide. The ship was built on an advanced production line under the supervision of the Det Norske Veritas (DNV), a leading international certification body. It was part of a contract between the company and its British partner, the Graig Investment Co.Ltd.-Enditem Source: vna