Vinalines to sell-off six ships by June

Vietnam National Shipping Lines (Vinalines) has set itself a target to sell its six remaining ships of its subsidiary Vinashinlines by 30 June 2013, a senior official said.

Nguyen Dinh Thanh, deputy director of Vinalines, said the sale of the six ships, currently in Pakistan, China, UAE, and India, will help to company reduce its debts.

Vinashinlines had sold a vessel for $3.7m on 28 March.

Vinalines sits on a VND200bn ($9.54m) loan from the government, and Vinashinlines is struggling to pay off debts to material suppliers and repair stations.

State-owned Vinalines posted a loss of VND2.44trn in 2012 and revenue was down 14% year-on-year to VND21.2trn.

In 2013, the shipping firm aims to handle 28.2m tonnes of cargoes and generate revenue of VND20trn. It has projected a loss of VND2.1trn this year.

Posted 22 May 2013

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Lee Hong Liang

Asia Correspondent

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