Maritime News

August 15, 2010 20:24

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Vinalines takes more than 36 vessels Vinashin

Vietnamese shipping line Vinalines has taken control of 36 vessels from Vinashin, spending up to US$26 million to repair and insure the vessels, as well as to pay crew.

In July, it was reported that the shipbuilder, Vinashin, must hand over
13 shipyards, shipbuilding industrial parks and shipping lines to
PetroVietnam and Vinalines according to a restructuring plan. The two
state-owned companies will also absorb Vinashin’s debts.

Vinalines’ temporary take-over of Vinashin’s operations will last for
two years during which it expects to receive government assistance for
settling Vinashin’s debts.

Source: Baird Maritime