NYK invests in Vietnamese tug boat market

front view on a tugboat towing a large cargo container ship with piled up cargo containers on deck into harbor.

NYK Line has acquired a 15% stake in Thoresen Vinama Tug Co. Ltd (TVT) and entered the tugboat business at Phu My and Cai Mep ports in Vietnam.

According to a statement, the Japanese carrier said TVT has two tugboats providing services at the two ports, the largest in Vietnam and critical gateways for imports and exports.

The investment decision comes after NYK identified potential for “future growth” in a country which has enjoyed a substantial economical boom in recent years and secured itself as a hub for regional trade.

NYK said it is also consistent with its ‘Staying Ahead 2022 with Digitalization and Green’ initiative, a policy designed to explore emerging markets and other investment opportunities.

Vietnam’s recent growth has seen its Cai Mep International Terminal (CMIT), run by APM Terminals, earn a place on a service run by the 2M Alliance, the shipping alliance comprising A.P. Moeller-Maersk and MSC.

That meant it will be visited by a fleet of vessels with a capacity of 12,000 TEU, another sign that Vietnam and Southeast Asia is growing as a hub for maritime trade.

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