Vinashinlines’ fleet rusting away

Hanoi: The plight of the fleet of the bankrupt Vinashinlines remains unclear. The line filed for bankruptcy at the start of the year.
The fleet, which has dropped from a high of ten ships to just four, is now sitting idle at ports in Vietnam, rusting away.

Vinashinlines has repeatedly sent documents to the Hanoi Court and the Ministry of Transport, requesting to give permission to resume the sale of the ships.

However, under current laws, Vinashinlines must not sell any assets, the court will handle an auction instead.

“The certificates on the ships’ safety will expire. If so, we can only sell the ships as scrap iron, not as ships in good condition,” Vinashinlines’ ceo Nguyen Que Duong said.  [12/08/14]

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