The vessel, built in 2010, was renamed Vinaship Harmony upon its arrival in Vietnam and is currently finalizing registration and inspection procedures to commence operations soon.
Previously, VNA shareholders approved the sale of Vinaship Sea, a bulk carrier built in 1998 in Japan with a similar capacity to Vinaship Harmony. Initially, the company planned to retain the vessel for 1-2 more years due to full depreciation, but volatile shipping markets and reduced demand for older vessels rendered this plan impractical. With unstable cargo volumes for cement, clinker, and coal, coupled with projected repair costs of VND 26 billion, management deemed selling the ship a prudent move to avert losses and alleviate financial strain.
As per the plan, VNA intends to divest Vinaship Sea and Vinaship Pearl in 2025 while investing in two new bulk carriers, one of which has already been acquired.
Currently, VNA’s fleet comprises five vessels with a combined deadweight tonnage (DWT) of approximately 100,000. Vinaship Sea and Vinaship Pearl, aged 27 and 29 respectively, are the oldest in the fleet. The youngest vessel, Vinaship Unity (13 years old), was acquired in late 2024. With the addition of Vinaship Harmony, the fleet temporarily expands to six vessels, pending the sale of the two older ships, expected no earlier than Q3-end.
VNA took delivery of the Bright Hope vessel in Japan, renaming it Vinaship Harmony – Image: Vinaship
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VNA’s new vessel acquisition coincides with ongoing operational challenges, marked by a Q3/2025 net loss of VND 9 billion, the first quarterly loss in a year. Revenue declined 18% year-on-year to VND 134 billion, with gross profit turning negative due to below-cost operations.
According to company representatives, while the dry bulk shipping market showed Q3 recovery signs, primarily in Capesize and Supramax segments, VNA’s Handysize-focused fleet has yet to benefit. The company’s main routes span Asia, the Gulf, and East Africa, transporting cement, clinker, rice, and fertilizers. However, reduced cement exports to the Philippines, both in volume and freight rates, and a two-month rice import suspension by the same country, coupled with Indonesia’s unresolved import status, forced the redeployment of My Hung and Vinaship Gold to lower-value cargoes, diminishing operational efficiency.
Adverse weather further disrupted loading/unloading activities. Despite Vinaship Unity’s efficient fuel consumption and broader operational range, Q3 revenue remained subdued due to time-chartering rather than voyage operations.
Absent significant other income, VNA reported a Q3 loss of VND 9 billion, the largest since 2020. Year-to-date, the company has incurred an VND 8.7 billion loss, the first since 2017 for the same period, rendering the annual VND 100 billion profit target unattainable.
Financial statements reveal a 13% year-on-year decline in nine-month shipping revenue to VND 283 billion, with a gross margin of just 2.1%, down from 3.7% previously. While external vessel chartering and maritime services saw revenue improvements, gross profits contracted, reflecting broader industry challenges. Office leasing provided a rare bright spot, but insufficient to offset core business losses.
Amid shrinking revenues, VNA pins hopes on vessel sales in the final quarter as a temporary measure to reverse financial fortunes.
| VNA’s nine-month profit hits an eight-year low |
Vinaship opts to liquidate older vessels to stem losses
– 09:43 06/11/2025
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