Thoresen buys stake in Vietnam port

Bangkok: Thorsen Thai Agencies (TTA) has taken a 20% stake in a Vietnamese bulk port. The Bangkok-headquartered shipowner is paying up to $11.5m for a 20% stake in Baria Serec which owns and operates Phu My Port, Vietnam's largest dry cargo port handling agriculture products, coal and fertilizer. The port, on the Thi Vai river upstream from Vung Tau, handled 4.01m tonnes of cargo in the first nine months of 2010. TTA is acquiring a 20% stake in the port from Yara Asia for an upfront payment of $11m plus an additional earn-out payment of $500,000 if gross margins of the port equal or exceed an agreed percentage. "The Phu My Port is located in a high potential strategic location. More traffic flows and infrastructure development are expected in the foreseeable future due to the significant industrial investments being made in the Baria-Vung Tau area," TTA said. [22/11/10]