NYK takes stake in tugboat company

Japanese shipping company NYK Line has acquired 15% of shares of Thoresen Vinama Tug Co. Ltd. and entered the tugboat business at Phu My and Cai Mep ports in Vietnam.

TVT, established in January 2019, has two tugboats providing tugboat services at Phu My and Cai Mep ports, located in the suburbs of Ho Chi Minh and the largest ports in the nation in terms of import/export cargo and inbound/outbound vessels.

“NYK made this investment decision after considering the tugboat business in Vietnam, a country that has achieved remarkable economic growth in recent years, and recognizing that the tugboat sector is primed for future growth,” the company said.

NYK said that the investment was in line with its medium-term management plan “Staying Ahead 2022 with Digitalization and Green,” that promotes investment in growth industries and emerging markets.