Vietnamese state-run shipping line Vinalines is trying to offload its stakes in two ports it runs with foreign firms, as it looks to get its finances in better shape.
The transport ministry has revealed Vinalines is looking to sell its 15% stake in SP-PSA, one of seven deepwater ports in the Cai Mep-Thi Vai complex in the southern province of Ba Ria-Vung Tau. The port is run with partners Saigon Port and Singaporean terminal operator PSA, who have 36% and 49% stakes respectively.
Vinalines also wants to get rid of its 51% stake in Cai Lan International Container Terminal, a port in the northern province of Quang Ninh, which it operates with SSA Marine, an American company.
Both terminals have been posting huge losses since they opened, leading analysts to wonder who would buy into them.
Vinalines is the Vietnam’s largest shipping line with more than 100 vessels and a total tonnage of 2.5m dwt. Its huge debts, and rampant corruption, which were unearthed three years ago have seen senior management sentenced to death and huge restructuring get underway. This year Vinalines has offloaded ship repair firm Vinalines Dong Do, Ben Dinh-Sao Mai Port Development and Vinalines’ maritime training college.