The Vietnam Shipping Lines Corporation (Vinalines) set to launch initial public offerings (IPOs) in the first quarter of 2015, General Director Le Anh Son announced at the firm’s conference in Hanoi on January 15 to review 2014 results and set targets for 2015 operations.

Vinalines has signed a deal with the Saigon Securities Incorporation (SSI) as a consultant to help prepare for the upcoming IPOs.

In 2014, the firm has equitised its ten subsidiaries, including five that had been finalised in 2013, Nha Trang, Hai Phong, Da Nang, Vinalines Nha Trang and Quang Ninh ports.

Nam Can Ports plans to organise IPOs this January while Cam Ranh and Saigon Ports have completed their asset valuations.

This year, the state-owned shipbuilder aims to reach 26.7 million tonnes of total sea transportation output, down 3 percent from 2014, and 18.5 trillion VND (867 million USD) in revenue, 6 percent below its 2014 target.

According to Son, the firm lowered its output and revenue goals due to scheduled plans for sea freight carriers to sell ineffective old vessels alongside the ongoing restructure and withdrawal of its invested capital from several non-essential areas.

Vinalines currently has a fleet of 109 vessels with a combined load capacity of 2.28 million deadweight tonnage, representing 31 percent of the total national shipping capacity.

It also manages a total wharf length of 16 kilometres, receiving 78.5 million tonnes of commodities in 2014.

Its revenue exceeded 19.8 trillion VND (928 million USD) last year, 96 percent its 2013 earnings.

VNA