Mitsui O.S.K. Lines, (MOL; President: Koichi Muto) today announced that the company has established a joint venture with two local companies in Vietnam and started a tugboat business.

The joint company will allocate high-powered, high-performance tugboats in Vietnam’s Cai Mep/Thi Vai area*1, where deepwater container terminals are now under developing. It will offer safe, high-quality support services for vessels calling at ports in the region, helping meet the needs of Vietnam’s shipping industry and international shipping lines.

1. Joint company outline

(1) Company name – Tan Cang-Cai Mep Towage Services Co., Ltd. (TCTS)

(2) Established – August 2010

(3) Headquarters – Ba Ria-Vung Tau Province, Vietnam

(4) Business – Harbor towage and escorting services

(5) Investors – Mitsui O.S.K. Lines, Ltd.Saigon Newport Corporation (Vietnam), Haivan Shipping-Services Corporation (Vietnam)

(6) Paid-in capital – US$4.5 million

(7) Initially allocated tugboats – Two 4,000 HP (one exported from Japan)

2.            Background and objectives

Deepwater container terminals have been constructed to serve Vietnam’s Cai Mep/Thi Vai areas as a result of tremendous economic growth in Southern Vietnam. The number of large-scale vessels calling at the ports will continue to increase, so stable tugboat service is indispensable. The new company has benefited from high-quality tugboat operation know-how accumulated by the MOL Group, and will meet those needs and contribute to stable operation in these areas.

More information could be found here!