Vinalines seeks to offload older tonnage

Vinalines seeks to offload older tonnage

Embattled state-run Vinalines has asked the ministry of transport for permission to sell another six ships to help right its books.

The ships – almost all over 20 years old – are struggling to pick up decent rates, Vinalines said in its submission to the ministry.

Vinalines said the sale will help it reduce losses and focus resources on getting its fleet average age down.

Vinalines has been cutting down its corporate size since 2012 when huge losses were revealed. Earlier this year, Hanoi demanded the line sell its stakes in nine ports.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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