MOL enters JV venture to start Vietnam tugboat business

TOKYO's Mitsui OSK Lines (MOL) has announced that it has established a joint venture with two local companies in Vietnam and started a US$4.5 million tugboat business based in Ba Ria-Vung Tau province.

The new company will allocate high-powered, high-performance tugboats in Vietnam's Cai Mep/Thi Vai area, where deepwater container terminals are being built.

The Tan Cang-Cai Mep Towage Services Co Ltd (TCTS), with joint venture partners Saigon Newport Corporation and Haivan Shipping Services Corporation, will offer "safe, high-quality support services for vessels calling at ports in the region, helping meet the needs of Vietnam's shipping industry and international shipping lines", said an MOL statement.

The company also set up tugboat and barge businesses and a ship agency business in the Cai Mep River and Thi Vai River areas in Ba Ria-Vung Tau province. They operate four tugboats.
(Source:www.schednet.com)