Vietnam Ocean Shipping (Vosco) is lining up a fleet expansion drive that could cost more than $400m.
The state-owned shipowner said it wants to grow its operations and capture new business with up to 10 new and secondhand tankers and bulkers.
The plan was approved by shareholders at a meeting in Hai Phong.
Vosco will now look to add two secondhand supramax bulkers of between 56,000 dwt and 58,000 dwt for a cost of no more than $23m each.
The company will also head out to shipyards, with a view to contracting four ultramax bulkers priced at up to $40m per vessel, as well as four MR tankers worth up to $52m each.
The capacity of the ultramaxes will be between 62,000 dwt and 66,000 dwt, while the clean tankers will be 50,000-dwt MR2s.
Investment capital for the projects comes from loans and the owner’s own reserves.
Vosco’s key investor is state-controlled Vietnam National Shipping Lines (Vinalines), with 51%.
A total of 39 other shareholders make up the rest of the votes. The meeting was 100% in favour of the plan.
Bank restructuring completed
General director Nguyen Quang Minh told investors that since 2021, the company has maintained stable and effective fleet operations, while exceeding all business plan targets.
At the end of 2023, Vosco completed a financial restructuring with all its banks.
Minh said the company views fleet renewal as an extremely important and urgent task to maintain transport capacity and competitiveness in the market.
The vessels will enable Vosco to participate in more efficient shipping routes but also have stricter requirements on technical conditions and ship quality, he added.
Vosco will also look to add ships through charters and leases.
“With many consecutive years of profitable business and a significantly improved financial situation, the company has collected important resources to serve its investment and fleet development plans,” Minh said.
Chairman Hoang Long said the deals will be an important milestone for Vosco, marking a major change in the development of ships towards a sustainable future.
VesselsValue assesses the current fleet of 11 vessels as worth $109m.
The bulker fleet comprises three supramaxes, dating from 2001, 2004 and 2013, and four handysizes, and there is also a multipurpose unit.
Two feedermax container ships built in the 1990s are in operation, as well as two MRs built in 2006 and 2007.
A 1996-built handysize has been scrapped in India this year, and a 2004-built MR sold to Sea Trade Marine of Greece.
Fleet renewal may already have begun, with brokers reporting the purchase of the 57,400-dwt Mystras (built 2013) for $17.2m from London/Greek owner Helikon Shipping Enterprises.
