Vinashin hands over yard to PetroVietnam

Dung Quat Shipyard, with the capacity to build VLCCs, started operations in 2006 but is yet to deliver a single vessel. The yard is the first in Vietnam to build Aframax tankers in a series of four ships for PetroVietnam. The first 104,000 dwt tanker was originally slated for delivery in 2008, but remains uncompleted to date. PetroVietnam took over Dung Quat yard from Vinashin last week. The state shipbuilding group is weighed down by $4.2bn in debt and undergoing restructuring.