NYK Line sets foot in tugboat service at Vietnam's largest ports

July 18, 2020 | 21:39

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NYK Line, through its subsidiary NYK Line (Vietnam) Co., Ltd., acquired 15 per cent of the total issued shares of Thoresen Vinama Tug Co., Ltd. (TVT), marking its entry to the emerging Vietnamese market.

nyk line sets foot in tugboat service at vietnams largest ports

NYK Line will begin the tugboat business at Phu My and Cai Mep ports

The cost of the deal has yet to be disclosed. After the purchase, NYK Line Vietnam will officially start the tugboat business at Phu My and Cai Mep ports in Vietnam, which are the largest ports in the nation in terms of import/export cargo and inbound/outbound vessels.

NYK made this investment decision after considering the tugboat business in Vietnam, a country that has achieved remarkable economic growth in recent years, recognising the potential of this sector for future growth.

In accordance with its medium-term management plan “Staying Ahead 2022 with Digitalization and Green”, NYK Group seeks to strategically invest in growth industries and emerging markets and strengthen the group’s management resources.

Previously, NYK Line (Vietnam) Co., Ltd. was established in Vietnam as a joint-venture maritime transport agency between NYK (51 per cent) and the Vietnam Ocean Shipping Agency (VOSA) group of companies (49 per cent). NYK purchased VOSA’s shares and the Vietnamese government approved the application for NYK Line (Vietnam) Co., Ltd. to become a wholly-owned subsidiary on September 28, 2015.

Thoresen Vinama Tug is a shipping-trading joint venture company. In 2009, it established Thoresen Vinama Logistic focusing on warehouse management and trucking activities via its own trucking fleet in Southern Vietnam.

By Kim Oanh

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