Vinashin in trouble

Vietnamese state-owned shipbuilder Vinashin is reportedly having trouble delivering projects on schedule as the builder continues to run up huge debts.

One of the builder?s subsidiaries, Nam Trieu Shipbuilding (Nasico), is complaining that Vinashin has not paid $450,000 worth of tax bills, meaning that companies under the Vinashin umbrella are unable to claim for imported equipment and materials from customs.

Vinashin is also said to be owing millions to equipment suppliers such has Monobuoy, a company which has now threatened to stop delivering goods unless its bills are paid.

Increasingly, shipowners are complaining about Vinashin with projects having to be extended and delayed due to the amount of debts piling up. The redelivery of one particular 150,000 DWT FPSO has been rescheduled on several occasions, and is now slated for delivery to PetroVietnam 15 months after the original delivery date.