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Vinalines aims to join global shipping alliances

The Vietnam National Shipping Lines Corporation (Vinalines) has set sights on joining a global shipping alliance.

In order to meet this goal, the company plans to focus its efforts on three major fields, those being the development of its port management, shipping, and maritime services, the Vietnam News Agency, VNA, reported.

Transhipment and boosting cooperation with foreign shipping firms on its deepwater ports would be at the core of the company’s strategy of bolstering its competitiveness and ensuring further growth.

The company also aims to modernise its fleet and replace up to 15 old ships, invest in its infrastructure and new berths at the Lach Huyen Port in Hai Phong City to receive ships of up to 8,000 teu. Based on the company’s investment plan, Vinalines aims to have a fleet of 80 vessels, with the average age of 10-12 years.

The company’s fleet structure, according to the plan, would be comprised of 17%  of container vessels, 26% of tanker vessels and 57% of bulker vessels. Vinalines wants to invest in vessels that range between 80,000 dwt and 180,000 dwt to bolster its coal and iron ore transportation business. When it comes to the container sector, Vinalines’ objective is to keep its position as a leader in container and feeder transport on the domestic market.

The firm is also interested in finding partners to build up intra-Asia container service.

For 2020, the company is targeting to handle about 30% of the cargo through Vietnam.

Despite tough market conditions driven largely by geopolitical tensions, Vinalines reported better results for 2019 when compared to a year earlier.

According to Tran Tuan Hai, head of Development Strategy and Communications for Vinalines, the company’s consolidated revenue was estimated at more than VND12trn ($518m), 6% above the 2018 figure. It also reported that some 106m tonnes of goods were shipped via its port network last year, 12.9% more than in 2018.

The state-owned company is yet to complete its equitization process, the implementation of which saw some bumps on the road last year.

Vinalines secured approval for its equitisation plan back in 2018 under which it intends to sell a part of the existing state capital and issue more shares to raise its charter capital.

Maritime services are one of the core segments that bring great profits to the corporation, said Tran Tuan Hai.

The firm will cooperate with the Vietnam Logistics Business Association and other business associations to research and advise the Government to complete the legal framework for logistics management in Vietnam; boost cooperation and form joint ventures with member businesses and foreign partners in order to create a global shipping services supply network.

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