Recently, Vietnam Ocean Shipping, Vietnam’s largest state-owned shipping company, voted to pass the “2024 Ship Investment Plan Amendment” at an extraordinary general meeting of shareholders, announcing the “largest fleet expansion plan in Vietnam’s history”.
The shipping company will order new ships again after 10 years. According to the plan, Vietnam Ocean Shipping will order two second-hand ships and build eight new ships. In addition to local Vietnamese shipyards, shipyards in China, Japan and South Korea are also under consideration.
Vietnam Shipping will purchase two second-hand Supermax bulk carriers (56,000~58,000 DWT) built in China, South Korea, Japan, Vietnam or the Philippines at a price not exceeding US$23 million each.
In addition, four new 62,000~66,000 dwt bulk carriers will be built at a price of no more than US$40 million each, and four new 50,000 dwt MR tankers will be built at a price of no more than US$52 million each.The total price of the eight new vessels will be up to US$368 million. Vietnam Ocean Shipping plans to place orders with shipyards in China, South Korea, Japan or Vietnam.
The shipping company currently has 13 ships with a total deadweight of 433,674 tons, including 7 bulk carriers, 4 product tankers and 2 container ships. In 2013, the company received the 56,400 DWT “Vosco Sunrise” bulk carrier and has not ordered a new ship for more than 10 years.
Some of the ships of Vietnam Ocean Shipping are severely aging and nearing the end of their service life. As a result, the company must accelerate its ordering plans. To fund the construction of new ships, Vietnam Ocean Shipping has secured financing commitments from multiple financial institutions.