Vinalines continues to offload vessels

Vinalines continues to offload vessels

Vietnam’s Vinalines is looking to sell six vessels in its fleet as part of its efforts to optimize assets, following the sale of eight vessels last year, the company said when announcing its annual financial results.

The six vessels are handy bulkers Vinalines Fortuna, Vinalines Ocean, and Vinalines Sky, tankers Vinalines Glory and Vinalines Galaxy, as well as ontainership Vinalines Ruby.

In 2018, the company’s management has set lower business targets due to continued fleet streamlining and asset restructuring. The company will also continue its efforts in liquidate non-performing subsidiaries and divesting capital from several joint ventures.

Last year, Vinalines completed the dissolution of seven subsidiaries, divesting capital from five companies and let four affiliates go bankrupt.

In January, Vinalines said it was looking to complete its IPO in the middle of this year, postponed from an earlier planned IPO date in December. The Vietnamese government will retain 65% in the company, and sell 17.25% to strategic partners and another 17.25% to the public.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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