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研究生: 阮氏芳青
研究生(外文): Nguyen Thi Phuong Thanh
論文名稱: The study in developing investment strategy for Vietnam’s bulk fleet
論文名稱(外文): The study in developing investment strategy for Vietnam’s bulk fleet
指導教授: 陳佳宏
學位類別: 碩士
校院名稱: 樹德科技大學
系所名稱: 金融與風險管理系碩士班
論文出版年: 2011
畢業學年度: 99
語文別: 英文
論文頁數: 43
中文關鍵詞: Bulk carrierdry cargo demandHandysize specificationsVietnam shipping marketValue investingNPVIRRBCRdiscounted ratepayback period.
外文關鍵詞: Bulk carrier, dry cargo demand, Handysize specifications, Vietnam shipping market, Value investing, NPV, IRR, BCR, discounted rate, payback period.
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Shipping is a spearhead sector in most of countries all over the world which carry about 90% international trade business. There are over 50,000 merchant ships transporting every kind of cargo. The world fleet is registered in over 150 nations, and manned by over a million seafarers of virtually every nationality. Vietnam shipping industry in general is still moderate compared with other countries in the area with small and old-aged fleet, whereas the shipping market is such a volatile type with daily, monthly changes to be controlled. So there should be development strategy for Vietnam Shipping and the fleet to catch up with the development trend of the world shipping. However, this kind of topic is scare and  limited in an emerging country like Vietnam. This study will review on the world and Vietnam shipping market to bring up new concepts about shipping industry, then analysize Vietnam’s situation as well as the fleet’s conditions to give out a development strategy for Vietnam’s fleet. By using some key economic factors such as NPV, IRR and BCR, the dissertation will also examine a possible investment project in a shipping company as a case study. The finding presents that Handysize vessel can adapt with Vietnam conditions and investment in Handysize is a development strategy for Vietnam shipping industry.

Shipping is a spearhead sector in most of countries all over the world which carry about 90% international trade business. There are over 50,000 merchant ships transporting every kind of cargo. The world fleet is registered in over 150 nations, and manned by over a million seafarers of virtually every nationality. Vietnam shipping industry in general is still moderate compared with other countries in the area with small and old-aged fleet, whereas the shipping market is such a volatile type with daily, monthly changes to be controlled. So there should be development strategy for Vietnam Shipping and the fleet to catch up with the development trend of the world shipping. However, this kind of topic is scare and  limited in an emerging country like Vietnam. This study will review on the world and Vietnam shipping market to bring up new concepts about shipping industry, then analysize Vietnam’s situation as well as the fleet’s conditions to give out a development strategy for Vietnam’s fleet. By using some key economic factors such as NPV, IRR and BCR, the dissertation will also examine a possible investment project in a shipping company as a case study. The finding presents that Handysize vessel can adapt with Vietnam conditions and investment in Handysize is a development strategy for Vietnam shipping industry.

Table of Contents
Abstract  i
Acknowledgement  ii
Table of Contents  iii
List of Tables  vi
List of Figure  vii
CHAPTER I: INTRODUCTION  1
1.1  Background  1
1.2  Research motivations and objectives  4
1.2.1  Research motivations  4
1.2.2  Research objectives  5
1.3  Research procedure  6
CHAPTER II: LITERATURE REVIEW  8
2.1 Introduction of bulk carrier market  8
2.1.1 Dry bulk cargo and seaborne trading  8
2.1.2  Four main types of bulk carriers  10
2.1.3 Dry bulk demand prospects  11
2.2 Introduction of Handysize type of bulker  14
2.2.1 State of Handysize in the world’s fleet  14
2.2.2  Handysize’s favourable speciafications  16
2.2.3  Vietnam’s Handysize market and prospect  17
2.3 Investment strategy  18
2.3.1 Theory base  18
2.3.2 Experimental research in Vietnam Sea Transport and Chartering Joint Stock Company (Vitranschart JSC)  20
CHAPTER III: METHODOLOGY  23
3.1  Research framework  23
3.2  Sensibility analysis of financial solution  23
3.2.1 Net Present Value (NPV)  23
3.2.2  Internal Rate of Return (IRR)  25
3.2.3  Benefit-Cost Ratio (BCR)  27
3.3  Effectiveness assessment of operational solution  28
3.3.1 Payback Period  28
3.3.2 Discount Rate  29
CHAPTER IV: CASE STUDY  30
4.1  Brief summary about Vietnam Sea Transport and Chartering Joint Stock Company (Vitranschart JSC)  30
4.2  Analysis of the Company’s investment project  30
4.2.1 Total capital investment and financial solution  30
4.2.2 Sensitivity analysis of financial solution  32
4.2.3 Operational solution  35
4.2.4 Effectiveness assessment of operational solution  38


CHAPTER V: CONCLUSIONS  39
5.1  Expected contributions  39
5.2  Limitation  40
5.3  Future research suggestion  40
Reference  42



List of Tables
Table 1. Dry bulk trade 2010-2012………………………………………………………10
Table 2. Vietnam import-export volume focast…………………………………………..13
Table 3. Handysize orderbook 2006-2009……………………………………………….16
Table 4. Project summary…………………………………………………………….......31
Table 5. Plan and turnover of self operation…………………………………………..….35
Table 6. Plan of freight rate for 5-year project…………………………………...…...... .36
Table 7. Timecharter plan……………………………………………………..……….....37






List of Figure
Figure 1. Vietnam import-export 2010…………………………………………………..2
Figure 2. Drybulk seaborne trade demand 2000-2010………………………………..….8
Figure 3. Bulker’s  newbuilding 2009-2014………………………………………….…12
Figure 4. Bulker fleet’s age……………………………………………………………...15
Figure 5. Chartering market May 2011………………………………………………….18


Reference

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