Vietnamese dry cargo player Viet Thuan Transport Co has moved into the handymax sector as details emerge of its purchase of a 1997-built bulker from state-owned compatriot Vinalines.
The 42,700-dwt Vinalines Sky has appeared in the fleet of Uong Bi-based Viet Thuan under the name Viet Thuan Star.
Company sources say the ship will be used in domestic and regional dry cargo trades.
Vinalines put the bulker up for sale earlier this year as one of a raft of ships it wanted to offload ahead of its planned initial public offering in early September.
Sale confirmation
While the company confirmed the sale earlier to TradeWinds, no pricing details were made public. VesselsValue estimated the ship was worth $5.5m when it was put on the market.
Formed in 2005 as a coastal and river cargo operator, Viet Thuan initially operated a small fleet of small general cargoships.
Eager to gain a greater slice of the Vietnamese domestic shipping market, it entered the handysize bulker space last December with the purchase of the 23,700-dwt VTC Globe (built 1995) from Vitranschart, a Vinalines subsidiary. The ship now trades under the name Viet Thuan 235-03.
In February, it acquired the 19,700-dwt Thanh Hung (renamed Viet Thuang 235, built 2012) from Vietnamese company Song La Hotel Co.
Then in March, it bought the 20,000-dwt FS Bay (renamed Viet Thuan 235-01, built 2008) from Far East Maritime, another company connected to Vinalines. No pricing details were disclosed for any of these sales.
Vinalines is trying to find a buyer for its 26,400-dwt bulker Vinalines Fortuna (built 1991), which VesselsValue estimates is worth $2.67m, which is not much more than its scrap value.
