Steelmaker Hoa Phat welcomes first container ship to new port

The Hoa Phat Dung Quat general container port, invested by Vietnam’s biggest steelmaker Hoa Phat Group, welcomed its first container ship on Sunday.

The arrival of the Hong Kong-flagged MV SCSC LUCK, with a capacity of 8,300 deadweigh tonnage (DWT), also marked the official opening of wharf No.6 at the port in the central coastal province of Quang Ngai, Hoa Phat Group said.

The port project was initiated in 2022 with an investment of VND3.7 trillion ($155.3 million), featuring wharves No. 6, 7, and 8. The facility is capable of handling six million tons of goods annually and can accommodate ships of up to 50,000 DWT. Wharf No. 6, part of the project’s first phase, can handle two million tons of goods annually.

Hoa Phat Dung Quat container port will serve logistics activities for the Dung Quat Economic Zone and nearby areas, while Hoa Phat Dung Quat specialized port will serve Hoa Phat Dung Quat steel complex.

Hoa Phat Group, listed on the Ho Chi Minh Stock Exchange (HoSE) as HPG, recorded a post-tax profit of VND1.45 trillion ($61.2 million) in the second quarter of this year, down 64% year-on-year. It earned a net revenue of VND29.8 trillion ($1.26 billion) in the period, down 21%.

In the first six months of 2023, HPG reported net revenue of VND56.67 trillion ($2.39 billion) and after-tax profit of VND1.83 trillion ($77.3 million), down 30% and 85% year-on-year, respectively. The giant sold 2.9 million tons of construction steel, billets and hot-rolled coils (HRC) in the first half of the year, down 27% year-on-year.