Vietnam Maritime Corporation wants to increase capital, establish a fleet of international shipping containers, compete with foreign shipping lines.

At the Annual General Meeting of Shareholders on the morning of April 20, the General Director of VIMC Nguyen Canh Tinh said that this year the Corporation continues to redirect investment in the container fleet. To achieve this goal, VIMC will issue individual shares to increase the charter capital by about VND 1,000 billion.

VIMC will establish a Container Transport Joint Stock Company with a charter capital of VND 2,041 billion, the contribution of the corporation is about VND 1,041 billion in assets, means, equipment of the container fleet, or from the proceeds from the liquidation of the ship.

The enterprise expects to sell and liquidate 15 ships with a total tonnage of 372,293 dwt, including 12 ships carried forward from the previous year.

According to the leaders of the Maritime Corporation, the enterprise will focus on developing the marine transport – seaport – logistics ecosystem to provide package services to customers. Container transport plays a role in connection with the network of seaport infrastructure and maritime services. When there is a container fleet, the enterprise will improve the fleet capacity of Vietnam, avoid the situation that foreign ships increase unreasonable fares, affect the rights of the owner.

Currently, VIMC has a small fleet of containers, so only transport routes to countries in the region such as Japan, South Korea, China, or container collection for foreign shipping lines are carried out, so the economic efficiency is not high.

In 2021, the international container transport market was buoyant with a strong increase in freight rates, but Vietnamese transport enterprises benefited negligibly because the majority of imports and exports were made by foreign shipping companies. Currently, Vietnam does not have a professional container fleet that can compete with foreign shipping lines. Domestic maritime enterprises have only a few container ships that operate mixed dry cargo ships, tankers.

Last year, the seaport volume brought to VIMC a profit of nearly VND 2,300 billion (accounting for 71% of the total consolidated profit); the maritime transport volume achieved a profit of VND 869 billion (increased 5 times in 2020); the maritime service volume also had a profit of more than VND 57 billion.

VIMC has achieved consolidated revenue of more than VND 14,300 billion, pre-tax profit of more than VND 3,640 billion. In particular, the parent company achieved revenue of VND 1,825 billion, profit before tax reached VND 230 billion. This result is due to the strong increase in sea freight rates, which helped maritime transport volume after many years of prolonged losses was profitable. Particularly, the volume of maritime services and warehousing is low profit due to being affected by social distancing to prevent Covid-19.

In 2022, VIMC is expected to achieve total consolidated revenue of more than VND 12,500 billion, profit of more than VND 2,518 billion. In particular, the parent company achieved revenue of about VND 1,700 billion, profit before tax of VND 240 billion.

Source: VNExpress