Business
USD11.5-million floating dock left unused at Cam Ranh Bay
  • By Trinh Anh | dtinews.vn | June 16, 2012 09:30 AM

A floating dock valued at around VND230 billion (USD11.5 million) have been left unused at Cam Ranh Bay, Khanh Hoa Province, since August 2008.

 

  USD11.5-million floating dock left unused at Cam Ranh Bay 

According to the provincial customs, the 12,500-tonne Venture Dock 2 has become a place for the locals to go fishing. It has not completed the necessary customs procedures and has turned into a derelict.

The 166.5 metre long and 14 metre high dock, was built in Indonesia. It flies a Singaporean flag but has Mongolian nationality.

Tran Thi Hien, Director of Long Son Shipping and Trading JSC which imported the Venture Dock 2, said her firm had intended to import the dock and then re-export it but had failed due to the global economic downturn. Long Son then sold the dock to a company which cooperated with Cam Ranh Shipyard JSC Company under the Vietnam Shipbuilding Industry Group (Vinashin) to operate the dock. However, the provincial authorities did not give approval for the dock to enter operation for fear of environmental pollution.

Long Son Shipping and Trading JSC that took out loans to buy the dock, also used the dock as collateral. The company now has to pay VND1.72 billion (USD80,950) in interest and VND60 million (USD2,850) in anchoring fees.

 

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