State-run Vietnam National Shipping Lines (Vinalines) recorded revenue of VND11.73 trillion (US$502.36 million) in the first nine months of 2018, and a profit of VND21 billion (US$900,000), announced the firm in a meeting on October 12.
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On September 5, Vinalines raised VND54.3 billion ($2.33 million) from an initial public offering (IPO). The proceeds were modest compared to Vinalines' expectation of at least VND4.89 trillion (US$210 million).
Specifically, Vinalines sold 5.43 million shares or only 1.11% of the shares offered at the IPO at an average price of VND10,000 (US$0.43) apiece. A total of 42 investors took part in the auction, of which 40 were individual investors and two organizations, stated HNX.
Under the initial plan the shipping firm offered 488.82 million shares or 34.8% of its charter capital in the IPO at a starting price of VND10,000 (US$0.43) apiece. After the IPO, the government would retain a 65% stake and another 0.2% of charter capital was set to be sold to employees.
After the move, the firm will complete procedures to transform into a joint stock company by the end of 2018.
Vinalines currently manages and operates a diverse fleet including container ships, bulk carriers, oil tankers, and other types of cargo vessels. The Vinalines fleet has large bulk carriers up to 73,000 DWT, 1,800 TEU container ships, and 50,000 DWT oil tankers.
Of the total of 130.9 million tons of cargo shipped last year by Vietnamese vessels, Vinalines' fleet took 20.2%.
Overall, the firm saw its debt reduced by VND10.6 trillion (US$440 million) in period 2014 - 2017, according to Le Quang Trung, vice general director of Vinalines.
In the first six months this year, Vinalines posted revenue of VND533 billion (US$22.83 million) and net loss of VND1.14 trillion (US$48.83 million). For the remaining six months, Vinalines targeted profit of VND143 billion (US$6.12 million).
