Vietnam Shipping Buys 40 Vessels

Vietnam Shipping Lines will acquire 40 vessels from ailing Vietnam Shipbuilding Industry Group to buy back part of its $4bn debt.

The ships, from state-owned shipbuilders, include 21 bulk carriers, seven tankers, ten box ships and two barge carriers.

Twenty of the vessels will come from Vinashin Lines and will include 14 general cargo and bulk carriers, four tankers and two container ships.

Bien Dong Shipping will provide 13 vessels including eight box ships, three bulk carriers and two tankers.