VNA shareholders will provide feedback between January 23 and February 9 regarding the proposed sale of the Vinaship Gold vessel, IMO number 9468956, with a deadweight tonnage (DWT) of 13,245, built in 2008 in Vietnam.
Vinaship Gold – Image: VNA Website
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Recently, VNA has garnered attention with its continuous announcements of fleet restructuring. Most notably, in a statement on November 24, 2025, the company announced the successful sale of the Vinaship Sea, with a DWT of 27,841, built in 1998 in Japan. The contract was signed on September 17, 2025, and the vessel was handed over to the buyer at the Vung Tau anchorage on November 23, 2025.
The sale of Vinaship Sea was described by the company as a prudent decision to avoid losses and alleviate financial pressure, given the unstable cargo supply of cement, clinker, and coal, coupled with anticipated repair costs of up to 26 billion VND.
Earlier, in a November 2025 announcement, the company offered for sale the Vinaship Pearl, with a DWT of 24,241, built in 1996 in Japan.
Conversely, on September 30, 2025, the company signed a contract to purchase the Bright Hope, with a DWT of 28,201, built in 2010 in Japan. On November 5, 2025, the company took delivery of the vessel in Japan and renamed it Vinaship Harmony.
According to the company’s website, VNA’s fleet currently comprises four vessels: Vinaship Unity, acquired in late 2024, My Hung, and the two vessels slated for sale, Vinaship Pearl and Vinaship Gold.
In terms of business performance, VNA faced challenges in Q3 2025, reporting a net loss of 9 billion VND, marking a return to losses after a year. Revenue reached 134 billion VND, an 18% decline compared to the same period last year.
VNA noted that while the dry bulk shipping market showed signs of recovery in Q3, primarily in the Capesize and Supramax segments, the company’s fleet, predominantly Handysize vessels, has yet to benefit from this upturn.
VNA’s primary routes span Asia, the Gulf region, and East Africa, with cargoes mainly consisting of cement, clinker, rice, and fertilizers. However, a sharp decline in cement exports to the Philippines, both in volume and freight rates, coupled with a two-month suspension of rice imports by the Philippines and Indonesia’s yet-to-resume imports, forced the company to redeploy My Hung and Vinaship Gold to lower-value cargoes, reducing operational efficiency.
Additionally, inclement weather disrupted loading and unloading activities. Although the newly acquired Vinaship Unity demonstrated efficient operations due to fuel savings and a broader operating range, Q3 revenue remained low as the vessel was chartered on a time charter basis rather than voyage charter.
For the first nine months of 2025, the company reported a cumulative loss of 8.7 billion VND, the first loss since 2017 for the same period, making the target of a hundred-billion VND profit for the year increasingly elusive.
| VNA’s net loss in the first 9 months of 2025 |
Amid challenging business conditions, VNA’s stock has also lacked upward momentum. Over the past year, the stock price has declined by nearly 16%, recently trading consistently in the 16,000-18,000 VND/share range.
| Recent performance of VNA stock |
– 3:24 PM, January 14, 2026
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