Hoa Phat Shipping, aiming to expand its transportation fleet, has signed a contract with Nam Trieu Shipbuilding (NASICO) for the construction of an oil tanker with a capacity of 65,000 deadweight tons (dwt). This oil tanker, known as an ultra-max unit, is designed to meet the transportation needs of raw materials for steel production operations in Vietnam.
Contract Details
While the financial details of this contract have not been disclosed, it has been confirmed that the Vietnamese company Viet Han Ship Design and Technical Services is responsible for the design of this oil tanker. The delivery date has also not been officially announced, but this contract represents another step towards Hoa Phat's self-sufficiency in raw material transportation.
Read more: The Governor of Sistan and Baluchestan Emphasizes Revising the Energy Supply Model
History and Future Plans
Founded in 2019, Hoa Phat Shipping has gradually expanded its fleet and purchased three second-hand oil tankers in 2021. At that time, the company acquired a kamsarmax tanker with a capacity of 80,000 tons for $35 million. Over time, the company's fleet has moved towards larger vessels, and in July 2025, it will commission the 110,000-ton tanker The Momentum. This tanker can carry approximately 40% more than the existing 80,000-ton tankers in the fleet and is primarily used for transporting iron ore and coal from Australia, the Americas, and Asian markets to the Dung Quat steel complex.
Hoa Phat's long-term plans include building a fleet consisting of 15 to 20 ships, with larger ships designated for transporting international raw material imports and smaller ships for carrying domestic steel products.
Read more: A.P. Moller Capital Acquires Control of Euroports · Iranian Tanker Shipment on Path to New Sanctions
