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Vinalines posts 2014 loss

Released at: 14:21, 18/01/2015

Vinalines posts 2014 loss

Though disappointing, figure represents an improvement against 2013.

by Son Ho

Vietnam National Shipping Lines (Vinalines) has announced total revenues in 2014 of an estimated VND19.804 trillion ($927.82 million) and a loss of VND1.625 trillion ($76.13 million).

Mr. Le Anh Son, General Director of Vinalines, said that by excluding the sale of divested units and revenue from temporary import for re-export services by Vinalines Logistics, total revenue fell short of the annual target.

As for the loss, it was calculated according to the corporation’s capital ratio in enterprises. It was equal to just 23 per cent of the loss recorded in 2013, which was VND7.061 trillion ($330.81 million).

Vinalines conducted equitizations of ten member enterprises last year, of which five became joint stock companies: Hai Phong Port, Nha Trang Port, Da Nang Port, Vinalines Nha Trang, and Quang Ninh Port. Can Tho Port and Nghe Tinh Port conducted IPOs in December, while Nam Can Port is preparing for an IPO this month. Cam Ranh Port and Saigon Port, meanwhile, have already announced their valuation as part of their upcoming IPOs.

Vinalines also completed the conversion of dependent accounting units, with Vinalines Shipping Company Nha Trang and Can Tho - Cai Vui Port to become a one member limited liability company after merging. Three other dependent accounting units - Vinalines Shipping Company, Container Vinalines, and Vinalines Maritime Services Company Haiphong - will equitize at the same time as the parent company.

The corporation has also decided to terminate the operations for four enterprises - the Maritime Trade Consulting Company, the Vinalines Petroleum Business Company in the North, the Vinalines Shipping Company Can Tho, and the Maritime Oil Trading Company. It will also shut down operations at the Southeast Asian Maritime Human Resources Center (Vina - STC).

According to Mr. Son, the maritime transport market in 2014 met many difficulties and the financial resources of the corporation’s shipping companies were limited. Loans are still a burden.

In November 2014 Vinalines was ranked top of the loss-making list, with an accumulated VND6.958 trillion ($325.98 million).

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