Saigon Newport Corporation News

South Korea's largest shipping line Hanjin Shipping has sold its entire 21.3% stake in Tan Cang Cai Mep International Terminal (TCIT)  in Vietnam to its affiliate in order to secure liquidity. The financially-troubled shipping line will raise about  $33m from the sale. The move came after the government and creditors, led by state-run Korea Development Bank, pushed Cho Yang-ho, the chairman of Hanjin Group, to pour more cash to the ailing shipping arm of the company. TCIT is a joint venture company of Saigon Newport Corporation with Hanjin, Mitsui OSK Lines and Wan Hai as partners. Cai Mep in the Mekong Delta is a huge complex of terminals built in the past 12 years. Almost all the terminals in the area have failed to make money.

Mitsui O.S.K. Lines, Ltd. announced that the company has established a joint venture with two local companies in Vietnam and started a tugboat business. The joint company will allocate high-powered, high-performance tugboats in Vietnam's Cai Mep/Thi Vai area, where deepwater container terminals are now under developing. It will offer safe, high-quality support services for vessels calling at ports in the region, helping meet the needs of Vietnam's shipping industry and international shipping lines. (1) Company name    Tan Cang-Cai Mep Towage Services Co., Ltd. (5) Investors    Mitsui O.S.K. Lines, Ltd.