Asia/Pacific News
Vietnamese Shipper Faces Difficulty Selling Ships
Debt-laden Vietnam National Shipping Lines (Vinalines) was able to sell only three of 23 ships it had put up for sale during the first quarter of the year, the Saigon Times reports.
Vinashinlines, a Vinalines subsidiary responsible for 10 of the ships put up for sale, is facing debts from material suppliers and repairing factories and is looking for ways to restructure those debts.
Many of the ships' debts are much higher than their selling prices, including for two foreign-flagged vessels, Sea Eagle and Hoang Son 28, which have been anchored in foreign ports for years.
Vinalines said low demand for sea transportation is making ship owners less interested in buying vessels, even though the prices of older ships have fallen by as much as 30 percent since last June.
The Vietnam Maritime Administration is seeking government permission to dismantle vessels anchored in Vietnam's seaports, according to director Nguyen Nhat.
The Sea Eagle has been moored in China's Zhejiang province since February 2008, leaving nine crew members stranded onboard, according to a March report by Seaship News.
"Sometimes sailors had to swim to shore to get wild vegetables to the surprise and pity of the local people," one crew member said.
The ships that have been sold are Ha Dong of Vinaship, Transco Sun of Transco, and New Phoenix of Vinashinlines.
