NYK Line acquires 15% stake in Vietnamese tugboat operator to expand in fast-growing market

17, Jul. 2020


HANOI, NNA – Japanese shipping company NYK Line has entered the tugboat business in Vietnam by acquiring a 15 percent stake in a local operator as demand for services grows.

NYK bought 15 percent of total issued shares in the Vietnamese firm Thoresen Vinama via its subsidiary NYK Line (Vietnam) Co. for undisclosed value, the Japanese shipping giant said in a statement Thursday.

Thoresen Vinama, established in January 2019, provides tugboat services at Phu My and Cai Mep ports in the southern Vietnamese province of Ba Ria Vung Tau. Those ports are Vietnam’s largest by import and export cargo as well as inbound and outbound vessels, the statement said.

NYK anticipates that the demand for tugboat services in Vietnam will expand along with the volume of import and export cargo and the number of ships leaving and arriving at Vietnamese ports. That trend would align with the country’s rapid economic growth led by export manufacturing.

NYK aims to handle cargo for 200 vessels per year between the two ports using Thoresen Vinama’s two tugboats, company spokesman Tatsuki Ando told NNA in a telephone interview on Friday. The local partner will add to its fleet according to demand, he added.

NYU’s acquisition of a stake in Thoresen Vianma fits into a broader strategy of investing in growth industries and emerging markets under a strategic management plan, Ando said.

NYK had tested foreign markets with a tugboat service subsidiary in Panama from 1980 to 1985, the spokesman said.