South Korean bulk carrier owner SW Shipping will enter the liner trades next year, connecting Donghae with Vietnam’s Ho Chi Minh City.
The company has struck a deal with the government of Gangwon province, Donghae port and Donghae Regional Office of Oceans and Fisheries setting the stage for the first direct service to Vietnam from Donghae port with two 1,000 teu ships and for at least five years. Local media reports an estimated 20% savings compared to using the Busan port if this route is connected to the inland logistics network.
SW Shipping plans to secure a ship and start the service to and from Ho Chi Minh City in the first half of 2022. The company is also looking to set up a new northern service connecting Donghae with Vostochny port, the largest container terminal in the Russian Far East, and Vanino port in 2023.
Established in 1993, the Seoul-based company has provided coal shipping services to domestic power companies such as Korea Midland Power and Korea Southern Power. It currently owns a cape and a panamax, according to VesselsValue.