Vietnamese Shipping Line Ordered to Sell Shares


Vietnam National Shipping Lines (Vinalines) has been ordered to retain 20% of its shares in Hai Phong and Sai Gon seaports, as well as divest entirely from nine seaports and companies in the country, which includes Khuyen Luong, Da Nang and Cam Ranh, according to Vietnam News.

Vinalines recently transferred nearly seven million shares in Hai Phong Port to VietinBank, which is one of Vietnam’s biggest lenders.

Shipping lines are currently struggling in an uncertain market, as freight rates continue falling, which was recently seen in the Baltic Dry Index, having previously fallen to a new record low of below 390 points.

In order to cope with weak demand, falling rates and overcapacity, shipping lines have begun consolidating volumes.

This follows a number of towering orders for new mega container ships, which have been placed by shipping lines to achieve economies of scale.

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