Maritime News Update Week 35/2018

Vinalines to list in Hanoi on September 5

Vietnam National Shipping Lines (Vinalines) will auction more than 488m shares in its initial public offering (IPO) at the starting price of VNĐ10,000 ($0.43) per share.

The IPO is scheduled to take place on September 5 on the Hanoi Stock Exchange. The offered shares are equivalent to 34.8% of Vinalines’ charter capital.

Period for application and deposit lasts from 8am on August 8 to 3pm on August 28. The deadline for the submission of auction tickets is 4pm on August 31.

South Korean-owned company SK Securities had registered to become Vinaline’s strategic investor. However, Vinalines refused as SK Securities does not meet Vinalines’ requests.

“Although they meet the requirement on financial capacity, SK Securities does not commit to supporting Vinalines in technology and human resources. Therefore, Vinalines will not select this investor and we have not yet found a suitable investor in this equitisation,” a Vinalines representative told local media.

Vinalines is a leading company in the field of maritime transportation and logistics, shipbuilding and seaport exploitation in Viet Nam. Some of its affiliates are the Haiphong Port, Saigon Port, the Viet Nam Ocean Shipping JSC, the Viet Nam Sea Transport and Chartering Company and Vinaship.

Wan Hai Lines In for Up to a Dozen Feeders

Taiwanese container shipping company Wan Hai Lines has placed an order for up to twelve 1,900 TEU containerships with two shipbuilders.

Japan Marine United has been chosen to build six firm plus two optional units, while CSSC Huangpu Wenchong Shipbuilding has been entrusted with building four firm containerships, with an option to build two more, data from Asiasis shows.

As disclosed, the ships will be built in accordance with IMO’s Tier II specifications and are set for delivery in 2020.

The order is being reported one year after Wan Hai Lines scrapped a shipbuilding contract for eight 1,900 TEU feeder vessels, ordered from Japanese shipbuilder Naikai Zosen. The feeders were scheduled to join the company’s fleet in 2018.

The deal was cancelled due to changes in newbuilding rules and environmental regulations, Wan Hai explained.

At the time of the contract signing, Wan Hai said that the order was worth between USD 212 million and USD 326 million.

Maersk Line Starts Digital Rate Distribution

Danish container shipping giant Maersk Line has gone live with digital, fully-automated distribution of its contract rates and amendments, CargoSphere said.

The shipping company is now digitally distributing its rates to shippers, freight forwarders and NVOCC customers using CargoSphere electronic Smart Upload and Diagnostics Solution (eSUDS) and the CargoSphere Rate Mesh.

As explained, benefits of digital rate distribution include time and cost savings, improved data accuracy, online access to timely rates for better decision making, faster reconciliation of invoices and faster quoting to customers for freight forwarders and NVOCCs.

“We’re pleased to offer 100% digital rate distribution on the CargoSphere platform to improve rate management efficiency to the industry. This move is part of the Maersk Line digital transformation,” Carsten Frank Olsen, Senior Director and Global Head of eCommerce at Maersk Line, said.

CargoSphere, the neutral rate network for container shipping, provides contract and rate management solutions and the Rate Mesh connected network.

NYK to Combine Port and Harbor Transportation Businesses

Japanese shipping company Nippon Yusen Kaisha (NYK) and Mitsubishi Logistics Corporation (MLC) agreed to form a joint holding company to integrate port and harbor transportation business companies of NYK.

Specifically, the integration relates to the management of the four NYK Group terminal operation companies in Japan, and merging of UNI-X Corporation and Nippon Container Terminals.

” The aim is to consolidate quality improvement efforts and enhance long term service stability for port and harbor transportation business of the company group,” NYK said announcing the move.

NYK is the majority shareholder in the joint holding company with 51% stake, while MLC will hold the remaining 49% stake in the new entity.

The deal is subject to administrative approval by the authorities concerned and necessary proceedings.

Once, and if, the regulatory approvals are obtained, the duo plans to establish the holding company by November 2018, and merge UNI-X and NCT by January 2019.