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Shipping operation of Northern Shipping Joint stock Company
Shipping operation of NOSCO I Overview about Northern Shipping Joint stock Company History and Development progress Northern Waterway Transport Corporation (hereinafter referred to as NORWAT), the precursor of Northern Shipping Joint stock Company (hereinafter referred to as NOSCO), was established on the Decision No 1108/QĐ-TCCB-LĐ dated June rd 1993 issued by Minister of the Ministry of Transport At that time, NORWAT was directly under Vietnam Inland Waterway Administration NORWAT became a member of Vietnam National Shipping Lines (hereinafter referred to as VINALINES) according to the Decision No 598/TTg dated July 30th 1997 issued by Prime Minister Then it was renamed to Northern Shipping Company on the Decision No 219/QĐ-HĐQT dated April 1st 2004 issued by General Director of VINALINES In November 28th 2006, Minister of the Ministry of Transport approved the plan of transforming Northern Shipping Company into Northern Shipping Joint stock Company (NOSCO) on the Decision No 2581/QĐ-BGTVT In July 8th 2007, after an experiment period of privatization, NOSCO arranged the opening turn of Shareholders’ Meeting and completed the procedure for starting the business Since August st 2007, NOSCO has officially started Ngô Việt Anh to operate as a joint stock company Page - - Shipping operation of NOSCO Personnel structure Đại hội đồng cổ đơng Ban Kiểm sốt Source: nosco.com.vn Hội đồng quản trị Ban Tổng giám đốc Văn phịng HĐQT Cơng ty cổ phần Thương mại & Vận tải Biển Bắc Văn phịng TGĐ Cơng ty TNHH thành viên ĐT-CƯ nhân lực Nosco Ngơ Việt Anh Phịng TCCBLĐ Cơng ty TNHH thành viên XNK Đơng Phong Phịng Kinh tế đối ngoại Xí nghiệp Vận tải thủy Nosco Quảng Ninh Phịng Tài kế tốn Cơng ty CP Vận tải Biển Bắc chi nhánh Hải Phòng Phòng Vật tư Trung tâm xuất nhập CKD Phòng Kỹ thuật Trung tâm Du lịch Thương mại Hàng hải Phòng Pháp chế - an tồn Trung tâm Thuyền viên Văn phịng Đảng đồn Xí nghiệp xây dựng sửa chữa tàu biển Nosco Phịng Đóng Nhà máy sửa chữa tàu biẻn Nosco Vinalines Ban quản lý dự án công ty Page - - Shipping operation of NOSCO Operations and Businesses 3.1 Shipping and other Maritime services 3.1.1 General information Operating as a shipping company, it is obvious that shipping plays the most important role in all NOSCO’s business activities Recently, shipping alone often accounts for more than 70 percent of NOSCO’s annual revenue In its very first days, NOSCO focused on inland transportation by running old and small steamers on familiar local routes After a couple of years, as this activity could not earn enough for the whole staff, NOSCO soon decided to shift its focus from inland operation to maritime transport It also started to manage other maritime services with the purpose of supporting fully and adequately for shipping activities as well as making more profit to improve the living standard for its staff The following are some NOSCO’s major maritime services, not to mention the main function of Shipping/Maritime transport, at the moment: Ship owning, Ship management and Ship operation Ship brokering and chartering, Ship sale and purchase Ship repairing Shipping agency and Container services Logistics services 3.1.2 Fleets NOSCO’s current fleet consists of 11 General Cargos and Bulk Vessels trading on international routes Deadweight tonnage (hereinafter referred to as DWT) DWT is a measurement of total contents of a ship including cargo, fuel, crew, passengers, food, and water aside from boiler water It is expressed in long tons of 2,240 pounds or an equivalence of 1,016.05 kilograms Ngô Việt Anh Page - - Shipping operation of NOSCO 11 NOSCO’s vessels have the total DWT of around 230,000 MT, which is estimated to be fourth biggest within VINALINES Of those vessels, five of them have the shipping capacity of more than 20,000 MT each The biggest vessel of NOSCO is MV NOSCO GLORY with its DWT reaching 68,591 MT The smallest one is MV NGOC HA whose DWT is 3,760 MT Seq Ship Year/place built Ship type DWT GT NT MV QUOC TU GIAM 1985/Japan Dry cargo 7,015 5,512 2,223 MV THIEN QUANG 1986/Japan Dry cargo 6,130 4,096 2,212 MV LONG BIEN 1989/Japan Dry cargo 6,846 5,506 2,273 MV EASTERN SUN 1993/Japan Dry cargo 22,201 13,706 7,738 MV EASTERN STAR 1994/Japan Dry cargo 23,724 14,431 8,741 MV NOSCO GLORY 1994/Japan Bulk carrier 68,591 36,074 23,452 MV NOSCO VICTORY 1996/Japan Bulk carrier 45,585 26,060 14,872 MV NOSCO PEACE 2003/Japan Bulk carrier 26,384 15,850 MV NGOC HA 2004/Vietnam Dry cargo 3,760 2,498 1,462 10 MV NGOC SON 2004/Vietnam Dry cargo 6,500 4,095 2,448 11 MV HONG LINH 2007/Vietnam Dry cargo 12,500 8,280 3,985 (Sources: nosco.com.vn and Introduction Catalogue) Gross tonnage and Net tonnage (hereinafter referred to as GT and NT) GT is a measurement of total capacity expressed in volumetric tons of 100 cubic feet or an equivalence of 2.831 cubic meter It is calculated by adding the under-deck tonnage and the internal volume of twin-decks and deck space used for cargo The measurement is used in assessing harbor dues and canal transit dues for merchant ships Ngô Việt Anh Page - - 9,110 Shipping operation of NOSCO NT is the tonnage of a vessel after a deduction from the gross tonnage has been made, to allow space for crew, machinery, etc The measurement is applied in assessing port-authorities-related dues (Source: shipbuilding.net) NOSCO fleets’ total GT and total NT are approximately 38,500,000 cubic meter and 22,230,000 cubic meter respectively Individual figures basically follow the order of DWT It means that MS NOSCO GLORY has biggest figures with its GT and NT respectively standing at around 10,200,000 cubic meter and 6,650,000 cubic meter while the smallest one is MV NGOC HA with around 700,000 cubic meter of GT and 415,000 cubic meter of NT Average age At the moment, 11 vessels of NOSCO has the average age of 15.1 years It is considered a fairly old average age for a fleet Among those vessels, three of them were constructed in 1980s with the oldest one MV QUOC TU GIAM Ngô Việt Anh Page - - Shipping operation of NOSCO being built in 1985 Four vessels were built in 1990s and the rest four were constructed during 2000s The youngest vessel is MV HONG LINH, which was built in 2007 3.2 Other businesses Aside from shipping operation and maritime services, NOSCO is operating in some other services Despite their minor contribution to company’s annual turnover, these operations are very important for NOSCO to develop sustainably, create more jobs and assure a good payment for the staff Some of these operations are: Multi-modal transportation Passenger carrier by inland waterway, road and seaway Import and export material, steel cargo, apparatuses, etc Consign sale and purchase; and consign agency Concrete and commercial manufacture Labor export Tourism services Real estate business Guest house services (stay and office for lease) Analysis on the competition Globally, as shipping is an enormous business, NOSCO definitely have to compete with a numerous number of other shipping companies around the world, especially on its familiar routes Considering the world scale, NOSCO’s contribution to world shipping industry is very little However, since NOSCO is a member of VINALINES, whose shipping volume accounts for the major part of Vietnam annual shipping volume, NOSCO could be considered one of the biggest shipping company in Vietnam It is obvious that NOSCO’s domestic competitors are mostly other shipping companies belonging to VINALINES As mentioned above, NOSCO owns the Ngô Việt Anh Page - - Shipping operation of NOSCO fourth biggest fleet within VINALINES, led by the fleets of Vietnam Ocean Shipping Joint stock Company (VOSCO), Vietnam Petrol Shipping Joint stock Company (FALCON) and Vietnam Sea Transport and Chartering Joint stock company (VITRANSCHART) Other competitors from VINALINES are Dong Do Marine Joint stock Company (DONG DO), VINASHIP Joint stock Company (VINASHIP), etc Apart from internal competitors, NOSCO has many domestic rivals outside VINALINES Those potential rivals might come from Vietnam Maritime University (like Eastern Dragon Shipping Company - EDS), directly under Ministry of Transport (like The Transport and Chartering Corporation – VIETFRACHT) or formerly belong to VINASHIN (like Bien Dong Shipping Company) Ngô Việt Anh Page - - Shipping operation of NOSCO II The shipping operation of NOSCO Real situation at NOSCO 1.1 Business results in recent years (2007-2010) 1.1.1 Shipping volume There are two indexes measuring shipping volume They are: Transport volume Transport volume is a figure showing the actual amount of goods shipped annually In order to calculate a company’s shipping volume, we just simply add up the transport volumes of individual vessels in that year Unit of measurement: Ton or T in abbreviation Rotation volume Rotation volume of a vessel for each journey is calculated by multiplying the amount of goods shipped with the voyage length Therefore, rotation volume of a vessel in one year is the sum of all single rotation volumes of that vessel during that year Summing up all individual vessels’ rotation volume in one year we will have the company’s rotation volume for that year Unit of measurement: Ton x Kilometer or TKm in abbreviation NOSCO’s figures: Year Content Unit Transport volume T Rotation volume TKm Transport volume T Rotation volume TKm Transport volume T Planned Actual Fulfillment Growth index 1,010,000 2007 3,045,000,000 1,300,000 129% 6,302,523,000 207% 2008 2,407,000 2,381,000 99% 183% 99.8% 166% 2009 Rotation volume Ngô Việt Anh TKm 10,481,000,000 10,461,000,000 Page - 10 - Shipping operation of NOSCO Transport volume T 2,000,000 1,650,000 82.5% 69.3% TKm 12,000,000,000 13,363,000,000 110.8% 127% 2010 Rotation volume (Sources: Tài liệu báo cáo Đại hội cổ đông thường niên 2009, 2010, 2011) Overall, NOSCO’s annual transport volume maintains at fairly high level of more than one million tons of goods per year From 2007 to 2009, transport volume saw an increasing trend with 2009 became a breakthrough with the growth index of transport volume reached 183%, standing at nearly 2.5 million tons However, this number does not describe exactly the situation at that time As 2009 was the peak of the global financial crisis, NOSCO had to try their best and exploit all their ability to business to cope with the problem of crisis It is the reason why there was a sudden and significance rise in transport volume of 2009 Then in 2010, as the situation became easier, NOSCO came back to normal rhythm of growth, resulting in a decline in transport volume Unlike transport volume, rotation volume saw a consistent trend of increasing during this period Each year, NOSCO’s fleet increase the total rotation volume by around or billion of TKm, showing the sustainable growing ability, reliability and safety of the fleet Even in 2009, although transport volume rose sharply, rotation volume still remained a moderate speed of increase It showed the flexibility and reasonability of NOSCO in negotiating and signing shipping orders at that time The table above shows a small problem of NOSCO The trouble is that NOSCO could not fulfill its planned goals in recent years Although the gaps between estimated targets and actual figures were not too big but these differences reflect the limit of NOSCO in suggesting closer goals Ngô Việt Anh Page - 11 - Shipping operation of NOSCO 1.1.2 Revenue Year Content Unit Total revenue 2007 Actual Billions of VNĐ Shipping revenue Planned Fulfillment Growth index Billions of VNĐ 359 Proportion Total revenue 2008 Billions of VNĐ Shipping revenue Billions of VNĐ 1,027 286.3% Proportion Total revenue 2009 Billions of VNĐ 738.200 744.849 101% 78% Shipping revenue Billions of VNĐ 534.509 570.099 107% 90% Proportion 76.54% Total revenue 2010 Billions of VNĐ 752 805.131 107% 108% Shipping revenue Billions of VNĐ 581 582.249 100.2% 102.1% Proportion 72.32% (Sources: Tài liệu báo cáo Đại hội cổ đông thường niên 2009, 2010, 2011) Generally, NOSCO’s total revenue was often at high level of more than 750 billion of VNĐ per year After 2007 revenue starting out at a low of around 350 billion of VNĐ, 2008 saw a great increase in total revenue to 1,027 billion of VNĐ, marking a growth index of 286.3% Since then, as the world crisis negatively affected the whole global economy, NOSCO’s total revenue fell considerably in 2009 before recovering slightly in 2010 Ngô Việt Anh Page - 12 - Shipping operation of NOSCO As shown in the table, in recent years, shipping revenue often accounted for more than 70 percent of NOSCO’s total turnover, showing the importance of NOSCO’s key business Overall, annual shipping turnover of NOSCO followed the general fluctuation of total revenue reflecting the general economic situation It is the reason why, as 2009 saw the toughest year of the crisis making the shipping price greatly decrease, 2009 shipping revenue was far lower than 2008’s figures despite its records of volume shipped Unlike annual targets for volume, the yearly goals for revenue, in both general term and shipping term, were more reasonable The figures above shown that annual goals for revenue were effectively fulfilled recently Since financial term is one of the ultimate goal of every business, this shows a strong operating situation of NOSCO Moreover, NOSCO’s shipping operation seemed to be very efficient 1.1.3 Other figures Content Year Unit Planned 2007 Profit before tax 2008 2009 Billions of VNĐ 102.019 Average salary 2009 2010 203.67% 16.520 800% 16% 30 20.792 70% 127% 51.178 Billions of VNĐ 6.219 Millions of VNĐ per month 12.2% 11.908 2010 2008 Growth index 2.088 2008 2009 Fulfillment 50.090 2010 Payment to state budget Actual 191% 9.645 9.5 9.499 100% 98.9% 9.6 9.610 100% 101.1% (Sources: Tài liệu báo cáo Đại hội cổ đông thường niên 2009, 2010, 2011) Ngô Việt Anh Page - 13 - Shipping operation of NOSCO Being guided by the fluctuation of global economy during this period, NOSCO’s annual profit before tax followed the order of total revenue and shipping revenue for the corresponding year Despite its modest revenue, the profit of 2007 was much higher than the figures for 2009 and 2010 It is due to the economic stability and the low rate of inflation in that year It is not a surprise that 2008 profit reached the peak with the growth index of more than 200% A small trouble happened as the actual operations were often inconsistent with the planned goals This problem is mostly due to the hard-topredict economic situation during the period as the global crisis occurred NOSCO’s annual payment to state budget also got involved in this trend of fluctuation Therefore, as 2008 was the splendid year in NOSCO’s operation, payment in 2008 was highest during the period Then is declined sharply in 2009, suffering from crisis, before recovering partially in 2010 Unlike other criteria, the average salary for NOSCO’s staff remained stable for the whole period There were just some trivial changes in workers’ salary during these years Furthermore, the actual salary was very close to what is planned This fact reflects the great effort of the whole company in trying maintaining good payment levels for its staff 1.2 Goods shipped As its fleet consists of general cargoes and bulk carriers, NOSCO is mainly offered to carry dry cargoes and dry-bulk goods Since Southeast Asia is the biggest granary of the world, including two leading rice-exporters Vietnam and Thailand, there are much rice to carry around the world NOSCO is also involved in shipping this kind of goods and rice is its major goods shipped Besides rice, fertilizer is another main target of NOSCO It is easy to understand because fertilizer is very necessary for rice producers like Vietnam and Thailand to support for their agricultures Ngô Việt Anh Page - 14 - Shipping operation of NOSCO Other main goods carried by NOSCO’s fleet are chemicals, cement, structural steel, etc These kinds of goods is the core of the process of construction, production and development of every country all over the world Therefore, it is no doubt that the needs for these goods are very big Then it is the opportunities for shipping companies like NOSCO to take part in to deliver these products around the world 1.3 Main routes Overall, as China is called “the workshop of the world” and Indian economy is emerging very quickly, these two countries becomes the main destination for many ships all over the world, including NOSCO’s fleet Aside from two Asian giants above, since more than a half of NOSCO’s fleet (actually out of 11) are vessels with the DWT less than 20,000 MT, these ships’ main routes are quite short up to medium length More clearly, these socalled small ships mainly function within Asia, especially the home routes around Southeast Asia For bigger vessels with the DWT more than 20,000 MT, they are able to carry out the longer journey Besides China and India, these ships can take long trip to South America or U.S For the remaining part of the world, because the number of ships is limited and NOSCO have not set up many familiar clients then NOSCO’s ships rarely come to these areas like Europe or Africa Assessment 2.1 Market shares Content Unit Year Vietnam NOSCO NOSCO’s proportion 2007 T Ngô Việt Anh 1,010,000 1.65% 2008 69,285,000 1,300,000 1.88% 2009 80,000,000 2,381,000 2.98% 2010 Transport volume 61,315,000 88,000,000 1,650,000 1.88% Page - 15 - Shipping operation of NOSCO 2007 Rotation volume TKm 3,045,000,000 2008 6,023,523,000 2009 125,000,000,000 10,461,000,000 8.37% 2010 93,100,000,000 13,363,000,000 14.35% (Sources: vinalines.com.vn and Maritime Department of Vietnam) As reported at the end of 2010, VINALINES has 18 shipping subsidiaries with 139 vessels in different sizes and the total DWT of about 2,800,000 MT, accounting for nearly 40 percent of total DWT of all Vietnamese ships It is consistent with recent statistics from Maritime Department of Vietnam saying that all Vietnam ships currently have the total DWT of 7,500,000 MT To make a comparison, NOSCO’s 230,000-MT-fleet makes up nearly 3.1 percent of shipping capability of all Vietnamese ships It appears to be a small proportion but it is a really appreciated figure as Vietnam has hundreds of shipping companies Within VINALINES, it is necessary to mention once again that NOSCO’s fleet is the fourth biggest one, led by VOSCO’s (around 555,000 MT), FALCON’s (around 390,000 MT) and VITRANSCHART’s (around 325,000 MT) During the period from 2007 to 2010, the transport volumes of NOSCO account for less than percent of Vietnam annual transport volume, with an outstanding of nearly percent in 2009 For the rotation volume, in recent years, NOSCO’s figures made up around percent to 14 percent of all Vietnam yearly rotation volume The proportion above shows that NOSCO is advanced in functioning medium and long journeys It also means that NOSCO’s fleet has to go further to manage their businesses Therefore, the number above shows the result of NOSCO rarely operating in domestic ports and routes Ngô Việt Anh Page - 16 - Shipping operation of NOSCO 2.2 Shipping balance As said by NOSCO’s staff, NOSCO’s ships mainly goes for international shipping orders Besides, NOSCO just sometimes carry import goods back to Vietnam Especially, NOSCO rarely serves for shipping the export goods This is mostly due to the long-term relationships between NOSCO and foreign customers Since all the ships are usually fully employed by foreign goods owners, NOSCO no longer need to care about the domestic clients As a result, NOSCO loses the local customers to other competitors so its fleet hardly ever has the chance to business relating to domestic ports and companies It is the reason why NOSCO does not often serve for export and import 2.3 Seasonality Maritime shipping is undoubtedly a huge business all over the world so NOSCO in particular and other shipping companies in general mostly not have to suffer from seasonality As shipping creates numerous of work opportunities, NOSCO is in the state of full employment most the time This has both advantages and disadvantages when coping with the recent global financial crisis The advantage is when the crisis occurred, as the situation became worse, NOSCO had enough workers to operate even over its full capacity in order to meet the targets planned In contrast, since everyone had to perform at their maximum capability to cover the loss resulted from crisis, they were deserved to receive good payments However, as crisis reduced shipping price, it was very difficult for NOSCO to maintain a reasonable payment for its staff Eventually, they did it well, showing a great effort of the whole company Ngô Việt Anh Page - 17 - Shipping operation of NOSCO III Suggestions Future goals and Development orientation As an effort to promote shipping operation, NOSCO has planned some mid-term targets to 2015 in both shipping and construction aspects Meeting these reasonable goals will be essential requirement on the way of long-term development Concerning about shipping, NOSCO has projected a plan of constructing and purchasing more ships in order to increase the fleet’s transport capability and replace the old-aged ships of far more than 15 years old According to this plan, at the end of 2015, NOSCO will has a fleet of 1.5 times to times more than the current one in transport capability (which will mean about 350,000 MT) and less than 15 years old in average age At that time, NOSCO will strive for the total revenue of around 900 to 1,000 billion of VNĐ annually Relating to new facilities, NOSCO is planning to launch the NOSCOVINALINES factory in 2012 so they will be able to repair their ships actively and independently Besides, the plant will serve for other companies’ ships As planned, after completing the first period of setting up the reputation, NOSCO will put this factory into the second term of upgrading it to a shipyard for both internal and external uses Along with the factory above, NOSCO plans to put the Bac Ninh training center into effect in the near future This center promises to fulfill the big need on labors of NOSCO in particular and other domestic maritime companies in general Some suggestions Broadening the market As competition in doing shipping business becomes more severe, it is very necessary for NOSCO to try broadening their market in order to obtain long-term and sustainable development This is an effective way to increase profit, strengthen the current position and assure long-term safety Ngô Việt Anh Page - 18 - Shipping operation of NOSCO There comes two ways of expanding the market: The first one is horizontal expansion, which means penetrating into new market geographically Currently, NOSCO has got used to many areas like Asia, North America and Latin America However, there are some other areas that NOSCO just has weak operating relationship such as Africa, Europe and surprisingly Vietnam It is very profitable if NOSCO can their business in these areas The second way is improving the current market in depth-scale It means attracting more customers within the familiar areas and strengthening the existing relationship by improving the quality and widening the range of services Controlling well the fuel consumption For every shipping company, the issue of fuel/oil consumption is very important The same case happens to NOSCO Since ships are fuel-consuming machines and fuel consumption is an account of company’s production cost, crews often overstate the actual amount of fuel consumed by their ships After finishing each trips, crews usually sell out the fuel/oil left privately in order to make personal incomes This is a big waste on overall operation Therefore, NOSCO and even all other shipping companies need to calculate carefully the amount of fuel consumed by their fleets so they can save huge amounts of fuel Improving the quality and price competitiveness After the crisis, the economic situation become easier It is the time for shipping companies to recover by paying more efforts on doing shipping businesses It results in a tougher competition inside shipping industries As a consequence, many firms, including NOSCO, have to improve their operation to make their services more competitive One way of doing this is reducing shipping prices Price competitiveness is always the leading factors in competition However, as the whole world economy is still unstable, it is very Ngô Việt Anh Page - 19 - Shipping operation of NOSCO risky reducing service prices It might lead to the inability of fulfilling profit targets Therefore, the second way of improving service quality is far more reasonable and worth-doing Making services better is always involved in longterm goals of every business so there will be no conflicts while carrying out this method The company just have to consider carefully the level of improvement that suits the financial situation of company at that time Ngô Việt Anh Page - 20 - Shipping operation of NOSCO Conclusion As the world economy is growing at great speed, trading internationally becomes more and more important There are many types of goods need to be carried from one place to other places Most of them are very huge in both size and quantity Road, railway and airway are just able to carry a minority of those goods Therefore, shipping is the most important mean in delivering those goods around the world Involved in shipping business, NOSCO always tries to achieve big targets to contribute for the national shipping industry Although it is just a mediumsized shipping company, NOSCO often accounts for considerable proportion of national shipping output It is the result of great effort from the whole company during the recent years However, there are still some drawbacks in NOSCO’s operation Taking into account the difficulties from the economy, NOSCO’s staff need to pay more attention to reach greater achievements Ngô Việt Anh Page - 21 - Shipping operation of NOSCO Reference International Maritime Organization (1969), International Convention on Tonnage Measurement of Ships, London Northern Shipping Joint stock Company (2009), Introduction Catalogue, Hanoi Công ty cổ phần Vận tải Biển Bắc (2009), Báo cáo tóm tắt tài năm 2008, Hà Nội Công ty cổ phần Vận tải Biển Bắc (2009), Tài liệu báo cáo Đại hội cổ đông thường niên năm 2008, Hà Nội Công ty cổ phần Vận tải Biển Bắc (2010), Báo cáo tóm tắt tài năm 2009, Hà Nội Cơng ty cổ phần Vận tải Biển Bắc (2010), Báo cáo tổng kết năm 2006-2010 & Kế hoạch năm 2011-2015, Hà Nội Công ty cổ phần Vận tải Biển Bắc (2010), Tài liệu báo cáo Đại hội cổ đông thường niên năm 2009, Hà Nội Công ty cổ phần Vận tải Biển Bắc (2011), Báo cáo tóm tắt tài năm 2010, Hà Nội Công ty cổ phần Vận tải Biển Bắc (2011), Tài liệu báo cáo Đại hội cổ đông thường niên năm 2010, Hà Nội 10 Websites: BusinessDictionary.com, [Online] Available: http://www.businessdictionary.com/definition/gross-tonnage.html [27 Jul 2011] Encyclopædia Britannica, [Online]Available: http://www.britannica.com/EBchecked/topic/599326/tonnage [27 Jul 2011] Wikipedia The free encyclopedia, [Online] Available: http://en.wikipedia.org/wiki/Tonnage [27 Jul 2011] http://vinalines.com.vn [27 Jul 2011] Ngô Việt Anh Page - 22 - Shipping operation of NOSCO http://nosco.com.vn [27 Jul 2011] Diễn đàn Đóng tàu (2009), Có thể bạn chưa biết, [Online] Available: http://shipbuilding.forums1.net/t562-topic [27 Jul 2011] Hoàng Mai (2010), Vận tải biển có dấu hiệu khởi sắc, [Online] Available: http://vlr.vn/index.php?option=com_content&view=article&id=578%3A vn-ti-bin-a-co-du-hiu-khi-sc&catid=105%3Angthu&Itemid=139&lang=vi [27 Jul 2011] Khôi Minh (2010), Vận tải biển: “Thất thu khơng có nghĩa thất bại”, [Online] Available: http://vneconomy.vn/20100208094817594P0C5/vantai-bien-that-thu-khong-co-nghia-la-that-bai.htm [27 Jul 2011] Lương Ninh Giang (2010), Sản lượng vận tải biển tăng bình quân 12%/năm, [Online] Available: http://hanoimoi.com.vn/newsdetail/Kinhte/325961/san-luong-van-tai-bien-tang-binh-quan-12nam.htm [27 Jul 2011] Mạng Cộng đồng Hàng hải Việt Nam (2009), Sự khác hàng khô, hàng bao kiện hàng rời, [Online] Available: http://www.vinamaso.net/index.php?option=com_jfusion&Itemid=79&jfi le=viewtopic.php&p=28177 [27 Jul 2011] Ngô Việt Anh Page - 23 - ... Page - - Shipping operation of NOSCO fourth biggest fleet within VINALINES, led by the fleets of Vietnam Ocean Shipping Joint stock Company (VOSCO), Vietnam Petrol Shipping Joint stock Company. .. Sea Transport and Chartering Joint stock company (VITRANSCHART) Other competitors from VINALINES are Dong Do Marine Joint stock Company (DONG DO), VINASHIP Joint stock Company (VINASHIP), etc Apart... - 21 - Shipping operation of NOSCO Reference International Maritime Organization (1969), International Convention on Tonnage Measurement of Ships, London Northern Shipping Joint stock Company