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MOL launches $4.5m Vietnam tugboat business

MOL launches $4.5m Vietnam tugboat business

Tokyo: Mitsui O.S.K. Lines has established a tugboat business joint venture named Tan Cang-Cai Mep Towage Services Co., Ltd. (TCTS) with two local companies in Vietnam: Saigon Newport Corporation and Haivan Shipping-Services Corporation.

The joint company, which launched with a paid in capital of $4.5m  will begin operations with two 4,000 HP tug boats. The vessels will be deployed in Vietnam's Cai Mep/Thi Vai area where three deepwater terminals are already open. More container terminals, bulk terminals, and other facilities will be opened in the future and the company intends to expand its fleet.

"Deepwater container terminals have been constructed to serve Vietnam's Cai Mep/Thi Vai areas as a result of tremendous economic growth in Southern Vietnam," said a company representative. "The number of large-scale vessels calling at the ports will continue to increase, so stable tugboat service is indispensable. The new company has benefited from high-quality tugboat operation know-how accumulated by the MOL Group, and will meet those needs and contribute to stable operation in these areas."  [19/11/10]