Vinashin Opens Offshore Unit
Vietnam Shipbuilding Industry Group (Vinashin) officially opened its new subsidiary Vinashin Offshore Industries (Vinaoffshore) in Ha Noi. Vinaoffshore will focus on manufacturing floating storage and off-loading (FSO) units, single print moorings, oil drilling vessels and other heavy equipment, said Tran Thanh Nam, Vinaoffshore director. The new entity will also use resources from Vinashin and other affiliates to sign manufacturing contracts and upgraded equipment used for marine exploitation. Vinashin CEO Pham Thanh Binh said Vinaoffshore was assigned to manufacture FSOs for an affiliate of State-owned PetroVietnam. The FSOs are designed to have a load capacity of 150,000 tonnes and handle 15,000 tonnes of oil a day.
Shipbuilder to Invest $40m in Central Facilities
Vinashin will invest $40m into building ten facilities to support the Dung Quat Shipbuilding Industrial Plant in central Vietnam. Construction of the factories is scheduled to begin this quarter in the Dung Quat Economic Zone of Quang Ngai Province. Under the plan, the new facilities will focus on manufacturing engines, pumping equipment, boilers and lifting equipment. Each plant will cost between $3.7m and $4.3m Vinashin has also recently opened a new subsidiary, Vinashin Offshore Industries in Hanoi. The new entity will focus on manufacturing floating storage and off-loading (FSO) units, moorings, oil drilling vessels and other industrial equipment.
DNV GL, Taiwan Pact for Offshore Wind
DNV GL, the world’s largest resource of independent energy experts and certification body, has signed an agreement with leading Taiwanese stakeholders to collaborate on offshore wind testing and certification to drive the expansion and facilitate the development of offshore wind in Taiwan. The regulations for certification will be headed by the Bureau of Standards, Metrology and Inspection since it has been designated by the highest authority in Taiwan. Taiwan is one of the rising offshore wind markets in the world.
Vinashin Sets Up Joint Venture with Dutch Partner
The Vietnam Shipbuilding Industry Corporation (Vinashin) has signed a contract with its Dutch partner, Damen Shipbuilding Corporation, to set up a shipyard in the northern port city of Hai Phong. The 42-ha Damen-Vinashin shipyard will be built at an estimated cost of $39 million. It expected to take two years to build. Upon completion, the joint venture will manufacture a variety of vessels including tug boats, high-speed ships, and vessels for offshore service. Source: Business in Asia Today
Vinashin E&T New ShipConstructor Dealer for Vietnam
Albacore Research Ltd. (ARL) announced the signing of Vinashin Engineering and Technology Joint Stock Company (Vinashin E&T) as the dealer for its flagship ShipConstructor software product for the Vietnam market. Under this agreement, Vinashin E&T will be the sales, support and training contact for ShipConstructor in Vietnam. ShipConstructor is the easy-to-use, AutoCAD-based 3D product-modeling software for the design and fabrication of complete ships and offshore structures. “After testing ShipConstructor throughout our entire company, we were so impressed that we approached ARL about becoming a dealer,” said Mr. Nguyen Duy Hung, Director of Vinashin E&T.
Vinashin to Build 8 Vessels for Hoegh Autoliner
The Vietnam Shipbuilding Industry Group (Vinashin) will build eight car-carrying vessels for Hoegh Autoliner of Norway under a $536 million contract signed in Hanoi on Dec. 1 The vessels, which will be capable of carrying 6,900 cars and sail at a speed of 20.5 knots, will be built by the Nam Trieu Shipbuilding Industry Co. - a Vinashin subsidiary - under the supervision of Norway's DNV. Each of the vessels will be 199.9 metres long and 32.26 metres high, and installed with state-of-the-art equipment and engines which will meet the latest international maritime standards. The first vessel is scheduled for completion by December 2009 when it will be handed over to the Norwegian company, while the remaining ones will be completed six months later. Also on Dec.
Vietnam Strives to Become Fourth Largest Shipbuilder
According to reports, the Vietnam Shipbuilding Industry Group (Vinashin Group) will exert an all-out effort to make the country the world's fourth largest shipbuilder by 2015. President and CEO of Vinashin Group Pham Thanh Binh spoke about the plan at a ceremony in Ha Noi on July 8 to announce the Prime Minister's decision on the establishment of the Vinashin Group and to mark the 10th founding anniversary of the Viet Nam Shipbuilding Industry Corporation (Vinashin), the predecessor of the Vinashin Group. The Vinashin Group will concentrate on expanding existing shipyards and building additional ones to form major shipbuilding complexes in the country's northern, central and southern regions.
Credit Suisse Loans up to $1B to Vinashin
Vietnam's largest shipbuilder gets more money from Credit Suisse to help fund its growing business. Credit Suisse has signed a memorandum of understanding (MOU) to develop a financing program of up to $1b for one of Vietnam’s largest state-owned enterprises, Vietnam Shipbuilding Industry Group (Vinashin). The arrangement will also see Credit Suisse provide other financial services to the company. Vinashin controls over 70% of Vietnam’s shipbuilding industry and plays a pivotal role in the country’s economy. It has helped Vietnam to earn its place as the eighth largest shipbuilder in the world. The company employs more than 60,000 people and has more than 200 subsidiaries, including 28 shipyards. Vinashin has signed $8b worth of shipbuilding contracts in the past year, according to Reuters.
Vinashin Signs Contracts at VietShip
Reports indicate that Vietnam Shipbuilding Industry Corporation (Vinashin) signed 18 contracts worth more than $400 million at VietShip in Hanoi yesterday, showing the growing interest in the country’s shipbuilding industry. Under the contracts, Vina-shin will supply three 8,700-DWT ships to Kanematsu of Japan and ten 4,600-DWT ships to Clipper of Denmark. Vinashin deputy general director Le Loc said Vinashin and the Chinese company Camso had signed a US$200-million contract to build a shipyard in the Nhon Hoi Economic Zone in the central province of Binh Dinh. Vinashin also secured contracts with the two local companies, Northern Food Corporation and Southern Food Corporation for rice shipments to the Philippines, Cuba and Scandinavian countries.
Subsea 7 Acquires Normand Oceanic
Subsea 7 S.A. has announced an agreement to acquire the remaining 50% shareholdings in its equity accounted joint ventures, Normand Oceanic AS and Normand Oceanic Chartering AS, from Solstad Farstad ASA for a nominal cash consideration. Effective from the date of the transaction, the Group will become the sole owner of Normand Oceanic, a flex-lay and heavy construction vessel that is being managed by Solstad Farstad while under long-term charter to a third party. The Group will assume all obligations related to an outstanding loan of approximately $100 million.
Vinashin on Brisk Demand
Reports said that Viet Nam Industrial Shipbuilding Corporation (Vinashin) Expects to earn $500m from shipbuilding contracts through next year, the Ministry of Trade reported. Export turnover from the shipbuilding industry stood at $200 million last year. Vinashin has finished negotiating shipbuilding contracts with foreign buyers that would generate an estimated $1.5b in revenue through 2009. Vinashin estimates that with an investment of $3b over the next 10 years, it would reach a productivity of $3b per year. The corporation was currently implementing large shipyard projects approved by the Government. The Ministry of Trade concurred that, by 2010, the domestic shipbuilding industry could earn $1.7 billion from building and exporting ships.
Vinashin to Build for Norway
The Viet Nam Shipbuilding Industry Group (Vinashin) signed a contract to supply eight car carriers to Norway’s Hoegh Auto liners, according to a report on http://vietnamnews.vnagency.com.vn. Each carrier will have a total loading capacity of 6,900 cars. "This is a landmark moment for Vinashin. It not only represents the capability of Vinashin to build large vessels, but also represents the rapid expansion of Vinashin in the international market," said Vinashin’s CEO Pham Thanh Binh. The carriers, reportedly designed by DeltaMarin of Finland, will measure 200 x 32.2 m with a cruising speed of 20.5 mph. The first carrier will be delivered in December 2009, with the remainder being delivered six months after that.
Vinashin Gets Nod for Restructuring
The Government Office announced a proposal to establish the Vietnam Shipbuilding Industry Economic Group (Vinashin Group) by restructuring the Viet Nam Shipbuilding Industry Corporation (Vinashin) had been approved. The Vinashin Group would become a multiple-owner business with the State holding a majority stake, comprised of State-owned and equitised subsidiaries, it said. Under the plan, the group would function as the financial investor for its other concerns, and control the capital holdings, technology, trademarks and markets of its subsidiary companies. The Government also issued official approval of the establishment of a holding company for the Ha Noi-based Viet Nam Shipbuilding Industry Group.
Vietnam Set to Build Tanker
In July 2006, the Vietnam Shipbuilding Industry Corporation (Vinashin) will set about construction of the first oil tanker for Vietnam’s oil and gas industry. The tanker, named Dung Quat No 1 is scheduled for launch in 2007. According to the Dung Quat management board, the Infrastructure Development and Construction Corporation (Licogi) and Contex Construction Company (belonging to Vinashin) are working to acquire the necessary mechanical equipment to build a dry dock 380m long, 90m wide and 15m deep. Such a dry dock is necessary for construction and repair of vessels of up to 300,000 tonnes. The main dock infrastructure will be completed in June, so that Vinashin can begin building the first 100,000 tonne oil tanker this July.
Bach Dang Shipyard Delivers Tanker
The Bach Dang shipbuilding company, a subsidiary of the Vietnam Shipbuilding Industry Corporation (Vinashin), delivered a 13,500-ton oil tanker to the Vinashin Vien Duong shipping and forwarding company on December 25. The Vinashin Sea oil tanker, the biggest ever built in Vietnam so far, is 145.3 metres long, 20.8 metres wide and 11.20 metres high. It was equipped with a 5,180 KW engine imported from Denmark and built under the supervision of a Japanese registration agency. Source: VNA
Cargo Ship Bound for U.K. Launched
A 53,000-tonne cargo ship built by Shipbuilding Industry Corporation (Vinashin), was launched in the northern port city of Haiphong, on April 20. The ship, 190m long and 32.26m wide, is one of a series of fifteen due to be handed over to the Graig Investment Group, a UK-based international ship owner and shipping services provider. It was the second boat of its kind built by Vinashin’s affiliate, Nam Trieu Shipbuilding Company and is also the largest being built in Vietnam under a contract worth nearly US $1 billion between Vinashin and the Graig Group. (source: VNA)
Vinashin Gradually Stabilizes
According to the VOV News, some members of the Vietnam Shipbuilding Industry Group Vinashin have recovered from the economic crisis and stabilized their production and business to create more jobs and ensure workers’ incomes. On April 9, Vinashin’s Party Committee held its second Party Congress for the 2011-2015 term in the presence of politburo member and Deputy Prime Minister Nguyen Sinh Hung, who is also head of the Steering Committee for restructuring the Vinashin group. (Source: VOV News)
MAN B&W Adds Vietnam Licensee
At a ceremony in Hanoi on November 8, 2004, a "Licence and Co-operation Agreement" was signed by Vietnam Shipbuilding Industry Corporation (Vinashin) and MAN B&W Diesel A/S, Denmark. The new agreement, which was signed by Vinashin Chairman & C.E.O. Mr Pham Thanh Binh and MAN B&W Executive Vice President Dr Peter Sunn Pedersen at a televised ceremony in Hanoi, will provide Vinashin with technology and support for the production of MAN B&W two-stroke diesel engines for the growing Vietnamese shipbuilding industry. The agreement is a logical consequence of the Vietnamese government's decision to build up the country's shipbuilding industry, which has already manifested itself in an impressive inflow of orders from Vietnamese and foreign owners.
$630M Investment to Boost Vietnam Shipbuilding Industry
Vietnam National Shipbuilding Industry Corporation (Vinashin) plans to invest $630 million in a variety of projects to produce components and materials for the industry, in an attempt to improve the local content ratio from 25 percent to 65 percent of components used in the country’s shipbuilding industry, according to a Vietnam Shipping Times report. Under the plan Vinashin will produce rolled steel to build the hulls of ships, manufacture 300-30,000 horsepower diesel engines, steering systems and ship cranes. Locally-made steel will account for 25.6 percent of total steel in ships constructed in Vietnam, while the local content ratio of engines will amount to 23.2 percent, and that of steering systems, 6.3 percent, according to the report.
MHI, VINASHIN Sign Licensing Agreement
Mitsubishi Heavy Industries (MHI) signed an agreement to license its UE low-speed diesel engine technology to Vietnam Shipbuilding Industry Corporation (VINASHIN). Under the agreement, MHI will provide VINASHIN with the licensing rights to manufacture its large-sized diesel engines. The contract applies specifically to the Mitsubishi UEC-LA, LA, LSII and LSE engines with cylinder bores ranging from 330 to 680 mm. The agreement also encompasses marketing and servicing of these engines in Vietnam. The period of licensing is from 2005 to 2014.
Rolls-Royce Extends into Vietnam
Rolls-Royce, a provider of marine power systems and services, signed a memorandum of understanding (MoU) with Vietnam Shipbuilding Industry Group (Vinashin) in . The aim is to work together to help develop ’s fast-growing marine industry. The scope of the partnership will include identifying potential strategic partners for development of shared business interests, which include the delivery of propulsion systems as well as developing a sourcing strategy that enhances the business activities of both parties in and for the export market. It will also develop a sourcing strategy that enhances the business activities of both parties in and for the export market.
Vinashin to Build Wartsila Engines
Wärtsilä and Vietnam Shipbuilding Industry Corporation (Vinashin) signed a license agreement for the manufacture and sale of Wärtsilä low-speed marine engines in Vietnam. The agreement was signed by Pham Thanh Binh, Chairman & CEO of Vinashin and Mr Martin Wernli, President of Wärtsilä Switzerland Ltd. The agreement grants Vinashin the right to manufacture certain types of Wärtsilä modern low-speed engine types between 48 and 82 cm bore size at their works in Vietnam. The first delivery of a Wärtsilä engine is scheduled for the beginning of 2010, with production building up to a targeted annual output of 30 to 40 engines. At the same time Wärtsilä Corporation announced it is expanding its representation in Vietnam by opening a branch office today in Hanoi.
Vinashin Eyes Future Growth
It has only been a decade since the Vietnam National Shipbuilding Corporation (Vinashin) started operations yet it has been able to accumulate sizeable capital and gain the government’s confidence in its capacity to become a force in Vietnam’s shipbuilding industry and worldwide. From an initial investment capital of more than $10min 1996, the capital increased to $9.4b with a total turnover of $2.07m in 2006. The total value of contracts signed with domestic and foreign shipowners was $5b by June 2006. Vietnam Investment Review reports that Vinashin has enough work to do from now to 2010 with a turnover from exporting ships being estimated at $2b per year.