Hanoi: Vinalines has lost hundreds of thousands of dollars over a payment dispute with a South Korean contactor involved in a port project.
The 43,000 dwt ship, Vinalines Sky, was taken by SK E&C in mid-March, following a ruling by the Vietnam International Arbitration Center (VIAC) that Vinalines has to pay $6.37m to the South Korean company.
SK E&C had been contracted to supply steel piles for the much delayed Van Phong transhipment port project, but Vinalines refused to check and take over the equipment and settle payment, saying the piles are below standard.
Vinalines is now trying to seek a solution to get its ship back. [21/04/14]