MOL formed a tugboat company in Vietnam in a joint venture with two local companies.
Tan Cang-Cai Mep Towage Services will initially operate two 4,000-horse-power tugboats in Vietnam’s Cai Mep/Thi Vai area, the main port of Ho Chi Minh City, where three deep-water container terminals are already operating and other terminals are being built.
One of MOL’s two local partners in the venture is Saigon Newport, a national company under the umbrella of Vietnam’s Ministry of Defense that operates a large deepwater container terminal in the Cai Mep area. It will soon open another container terminal next to that terminal together with MOL and other shipping companies.
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MOL’s other local partner, Haivan Shipping-Services, already operates tugboat and barge businesses as well as a ship agency in the Cai Mep River and Thi Vai River areas in Ba Ria-Vung Tau Province. It operates four tugboats (including one under construction) and five barges.
MOL said it set up the joint venture because of the “tremendous economic growth” in southern Vietnam. It said the number of large-scale vessels serving the ports will increase, “so stable tugboat service is indispensable.”
The company, established in August, is initially capitalized at $4.5 million.
-- Contact Peter T. Leach at email@example.com.