Vietnam-based steelmaker Hoa Phat Group has announced that it has completed the purchase of a Kamsarmax vessel, The Prosperity, with a tonnage of more than 80,000 tons. The vessel uses a Japanese engine system to transport bulk cargo, serving for the transportation of coal and ore materials for Hoa Phat.
The purchase of the larger vessel is part of the company’s development strategy to meet internal transportation needs and the bulk shipping demand in the market. According to the statement, when the second phase of the Dung Quat project is completed, Hoa Phat’s demand for importing production materials will increase.
The purchase of The Prosperity will help Hoa Phat have a stable number of vessels during peak periods when the demand for vessels has been high, thereby reducing risks of increasing world charter fees, and improving economic efficiency for the company.
In the first half of this year, Hoa Phat Shipping Joint Stock Company invested in buying two large bulk carriers, The Evolution and The Harmony, with a tonnage of 90,000 tons.
