By GMM News | 2024-12-06 | Global Partner News |

On December 2, Vinaship Shipping Joint Stock Company (UPCoM: VNA) received the delivery of the Amira Nour ship in Singapore. After receiving the ship, the Company changed the ship’s name to VINASHIP UNITY and implemented procedures to convert registration and inspection documents to put it into operation.

VINASHIP UNITY with a capacity of 28,189 DWT, built in 2012. Previously, VNA signed a contract to purchase the ship with a partner in Japan on October 24, 2024.

The ship purchase deal was carried out by VNA in accordance with the Resolution of the Extraordinary General Meeting of Shareholders dated September 24, 2024. According to the plan approved at that time, VNA wanted to buy a used dry cargo ship with a capacity of 28,000-32,000 DWT, built from 2009-2013, equivalent to a speed of less than 15, built in Japan, China, and South Korea. The total approved investment is 12 million USD, equivalent to nearly 306 billion VND, of which the ship purchase price is nearly 304 billion VND and the registration fee and ship acceptance cost are nearly 2 billion VND. The company plans to use 50% of its own capital and 50% of the loan capital from VietinBank Hong Bang Branch, interest rate 9%/year, loan term 7 years with principal and interest paid every 3 months. After the ship was no longer viable for business after more than 15 years of continuous operation (over 20 years old), the estimated sale price was nearly 90 billion VND.

The company proposed 3 options for using the new ship, including (1) operating a voyage for the international sea route Vietnam – Indonesia – Vietnam, carrying rice and coal; or (2) operating a voyage for the international sea route Vietnam – Indonesia – China – Philippines – Vietnam, carrying rice, nickel ore, fertilizer, and bagged cement; or (3) leasing the ship at a fixed rate. Of which, option 3 can bring the highest efficiency with an internal rate of return (IRR) of 17.31%, a benefit-cost ratio (BCR) of 1.53, and a payback period of 8 years and 5 months.

Currently, VNA’s fleet consists of 5 ships with a total capacity of over 100,000 DWT, an average age of over 20 years, of which the newly purchased ship VINASHIP UNITY has the largest capacity.

Accumulated in the first 9 months of 2024, VINASHIP recorded revenue of VND468.05 billion, up 1.8% over the same period, profit after tax reached VND23.94 billion, up 495.5% over the same period last year.

In 2024, VINASHIP plans to achieve revenue of VND628.5 billion, pre-tax profit of VND57.97 billion and plans to invest in an additional ship with a capacity of 28,000 to 32,000 DWT, with a total investment of USD12 million.Thus, ending the first 9 months of 2024 with pre-tax profit of VND30.97 billion, VINASHIP has completed 53.4% of the 2024 plan.