Vietnam Ocean Shipping readies for historic fleet expansion

Vietnam Ocean Shipping (VOSCO), Vietnam’s largest state-owned shipping company, is embarking on its largest fleet expansion in its history.

The shipping line’s board has approved plans worth more than $400m, which include its first newbuilds in more than a decade. 

Overall, VOSCO has earmarked cash for two secondhand supramax bulk carriers, setting aside up to $23m per unit, as well as four ultramax newbuilds costing up to $40m each, and four new MR tankers, costing up to $52m each. 

VOSCO’s fleet today numbers 13 ageing vessels, a mix of bulk carriers, product tankers and boxships. The year 2013 was the last time it received a newbuild.