Vinashin Wins EUR110Mln Contract to Build Vessels for Germany

Vinashin Wins EUR110Mln Contract to Build Vessels for Germany

The Vietnam Shipbuilding Industry Corporation (Vinashin) has won a contract worth EUR110 million to build eight 700-TEU container vessels, weighing 8,500 tons each, for the German MPC Marine Co., a corporate source said yesterday.

Vinashin expects to erect the keels for the construction of the first vessel late this month.

Under the contract, the first four carriers will be delivered in late 2006 current market prices. The last vessels will be made at negotiated prices based on market trends.

MPC Marine Co. also mentioned there many be another contract with Vinashin to build 3,800-TEU container ships, or 50,000 tons each if things go to plan.

Vinashin is the largest amongst more than 60 shipbuilding and maintenance companies in Vietnam, owned by the Ministries of Defense, Fisheries, Transport and Industry.

Vinashin, set up in 1996 with 48 member companies and four joint ventures, hit total production revenues of VND7,525 billion (US$477.78 million) aggregate revenues of VND5,560 billion (US$353.46 million) in 2004, up 41.5 per cent and 49.8 per cent, respectively, on-year.

The firm also earned US$23.5 million from exports in the year.

Liberated Saigon