Discover the Tt-Gold: Ratings & Maritime News

The General Maritime Corporation of Vietnam has recently submitted a detailed report to the Ministry of Transport and the Ministry of Foreign Affairs concerning the detention of their vessel, Vinalines Star, at Chittagong Port in Bangladesh. According to the report, the Vinalines Star, which flies the Vietnamese flag and is managed by Vinalines Shipping Company, was contracted under a charter agreement with Woochang Shipping of Korea dated May 11, 2016. The vessel was tasked with transporting 25,400 metric tons of coal from Muara Berau, Indonesia, and arrived in Chittagong to discharge its cargo. Unfortunately, after anchoring for 31 days, the ship could not proceed as it awaited the consignee, HN Bricks, to complete necessary documentation. HN Bricks soon informed the ship owners that the cargo was deteriorating, a concern further supported by sampling and analysis conducted by local port authorities. This distressing turn of events has led the owners of Vinalines Star to urgently seek help amid what they describe as a baseless arrest. The situation demands immediate attention as the shipowners advocate for their rights and the timely resolution of this cargo dispute.

On June 16, 2016, the Chittagong High Court issued a significant attachment order, marking an important legal decision. This ruling reflects the court’s commitment to upholding justice and addressing pertinent matters in the maritime sector. Further details of the case and its implications for the industry are expected to unfold as the court proceedings progress.

HANOI (Reuters) - Once a beacon of hope in postwar Vietnam, Vinalines has seen a drastic downturn. Established in 1994 following the lifting of U.S. sanctions, this shipping line was poised for a bright future. Now, however, it symbolizes the deep-rooted issues plaguing the country’s maritime sector. With an oversized workforce of 18,000 and a fleet that struggles to turn a profit, Vinalines is grappling with a staggering debt of $2.1 billion. Recent turmoil has escalated, resulting in the arrest of two high-ranking executives and the former chairman’s flight from justice. As Vinalines faces increasing scrutiny and financial distress, its name has become synonymous with corporate mismanagement. For further details, click here: http://www.publicbroadcasting.net/wbfo/news.newsmain/article/0/0/1941120/World/In.Vietnam..a.shipping.line.raises.alarm.over.debt