Vinalines Acquires Vinashin Vessels

12 August 2010 (Last Updated August 12th, 2010 18:30)

Vietnam Shipping Lines (Vinalines) has taken 36 vessels from Vinashin, Vietnam's debt-mired state-run shipbuilder. The company acquired two transport firms and a 36-ship fleet from Vinashin after it collapsed under $4.5bn of debt. Vinalines will also spend about $26m to repair th

Vietnam Shipping Lines (Vinalines) has taken 36 vessels from Vinashin, Vietnam’s debt-mired state-run shipbuilder.

The company acquired two transport firms and a 36-ship fleet from Vinashin after it collapsed under $4.5bn of debt.

Vinalines will also spend about $26m to repair the vessels.

The Vietnamese Government is planning to transfer Vinashin-owned companies to PetroVietnam, another state shipowner, according to asiasis.com.