Debt-ridden Vinashin Delays Vessel Deliveries

18 October 2009 (Last Updated October 18th, 2009 18:30)

Vietnamese state-owned shipbuilder Vinashin is delaying vessel deliveries as it continues to run up huge debts, according to Bairdmaritime. Nam Trieu Shipbuilding, one of Vinashin’s subsidiaries, is complaining that the company has not paid $450,000-worth of tax bills, for which

Vietnamese state-owned shipbuilder Vinashin is delaying vessel deliveries as it continues to run up huge debts, according to Bairdmaritime.

Nam Trieu Shipbuilding, one of Vinashin’s subsidiaries, is complaining that the company has not paid $450,000-worth of tax bills, for which companies under the Vinashin umbrella will be unable to claim for imported equipment and materials from customs.

The shipbuilding firm is also believed to owe millions to equipment suppliers.

The redelivery of a 150,000t floating oil storage depot and offloading unit has been rescheduled, and is slated for delivery to PetroVietnam, 15 months after the original delivery date.