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    Shipping operation of NOSCO

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    . Overview about Northern Shipping Joint stock Company1. 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/Q-TCCB-L dated June 3rd1993 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 NorthernShipping Company on the Decision No. 219/Q-HQT dated April 1 st2004

    issued by General Director of VINALINES. In November 28 th2006, 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/Q-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 1st 2007, NOSCO has

    officially started to operate as a joint stock company.

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    2. Personnel structure i hi ng c ng

    Hi ng qun tr

    Ban Tng gim c

    Ban Kim sot

    VnphngHQT

    VnphngTG

    PhngTCCB-

    L

    PhngKinh t

    ingoi

    PhngTi

    chnhk ton

    PhngVt t

    PhngK

    thut

    PhngPhp

    ch - anton

    Vnphngngon

    Cng tyc phnThngmi &Vn ti

    BinBc

    Cng tyTNHH1 thnh

    vinT-Cnhn lcNosco

    Cng tyTNHH1 thnh

    vinXNKngPhong

    XnghipVn ti

    thyNoscoQungNinh

    Cng tyCP Vnti BinBc chinhnhti HiPhng

    TrungtmxutnhpkhuCKD

    Trungtm Dulch v

    Thngmi

    Hnghi

    Trungtm

    Thuynvin

    Xnghip

    xydng v

    sacha

    tu bin

    Phngngmi

    Nh mysa chatu binNosco -

    Vinalines

    Banqun lcc d

    n cngty

    Source:nosco.com.vn

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    3. 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 NOSCOs business activities. Recently, shipping

    alone often accounts for more than 70 percent of NOSCOs 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 forshipping activities as well as making more profit to improve the living standard

    for its staff.

    The following are some NOSCOs major maritime services, not to

    mention the main function of Shipping/Maritime transport, at the moment:

    Ship owning, Ship management and Ship operationShip brokering and chartering, Ship sale and purchaseShip repairingShipping agency and Container servicesLogistics services

    3.1.2. Fleets

    NOSCOs current fleet consists of 11 General Cargos and Bulk Vessels

    trading on international routes.

    Deadweight tonnage(hereinafter referred to asDWT)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.

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    11 NOSCOs 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

    1 MV QUOC TU GIAM 1985/Japan Dry cargo 7,015 5,512 2,223

    2 MV THIEN QUANG 1986/Japan Dry cargo 6,130 4,096 2,2123 MV LONG BIEN 1989/Japan Dry cargo 6,846 5,506 2,2734 MV EASTERN SUN 1993/Japan Dry cargo 22,201 13,706 7,7385 MV EASTERN STAR 1994/Japan Dry cargo 23,724 14,431 8,7416 MV NOSCO GLORY 1994/Japan Bulk carrier 68,591 36,074 23,452

    7 MV NOSCO VICTORY 1996/Japan Bulk carrier 45,585 26,060 14,872

    8 MV NOSCO PEACE 2003/Japan Bulk carrier 26,384 15,850 9,110

    9 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 2,44811 MV HONG LINH 2007/Vietnam Dry cargo 12,500 8,280 3,985

    (Sources:nosco.com.vn andIntroduction Catalogue)

    Gross tonnageandNet tonnage(hereinafter referred to as GTandNT)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 spaceused for cargo. The measurement is used in assessing harbor dues and canal

    transit dues for merchant ships.

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    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 ageAt 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

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    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 companys

    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 transportationPassenger carrier by inland waterway, road and seaway Import and export material, steel cargo, apparatuses, etc.Consign sale and purchase; and consign agencyConcrete and commercial manufactureLabor exportTourism servicesReal estate businessGuest house services (stay and office for lease)4. 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, NOSCOs

    contribution to world shipping industry is very little.

    However, since NOSCO is a member of VINALINES, whose shippingvolume 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 NOSCOs domestic competitors are mostly other shipping

    companies belonging to VINALINES. As mentioned above, NOSCO owns the

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    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 ShippingCompany).

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    . The shipping operation of NOSCO1. 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 companys 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 volumeRotation 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 companys rotation volume for that year.

    Unit of measurement: Ton x Kilometer or TKm in abbreviation

    NOSCOs figures:Year Content Unit Planned Actual Fulfillment

    Growthindex

    2007Transport volume T 1,010,000

    Rotation volume TKm 3,045,000,000

    2008 Transport volume T 1,300,000 129%

    Rotation volume TKm 6,302,523,000 207%

    2009Transport volume T 2,407,000 2,381,000 99% 183%

    Rotation volume TKm 10,481,000,000 10,461,000,000 99.8% 166%

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    2010Transport volume T 2,000,000 1,650,000 82.5% 69.3%

    Rotation volume TKm 12,000,000,000 13,363,000,000 110.8% 127%

    (Sources:Ti liu bo co i hi c ng thng nin 2009, 2010, 2011)Overall, NOSCOs 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 do 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, NOSCOs fleet increase the total

    rotation volume by around 3 or 4 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 thesedifferences reflect the limit of NOSCO in suggesting closer goals.

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    1.1.2. Revenue

    Year Content Unit Planned Actual FulfillmentGrowthindex

    2007

    Total revenue Billions ofVN 359

    Shipping revenueBillions of

    VN

    Proportion

    2008

    Total revenueBillions of

    VN1,027 286.3%

    Shipping revenueBillions of

    VNProportion

    2009

    Total revenueBillions of

    VN738.200 744.849 101% 78%

    Shipping revenueBillions of

    VN534.509 570.099 107% 90%

    Proportion 76.54%

    2010

    Total revenue Billions ofVN 752 805.131 107% 108%

    Shipping revenueBillions of

    VN581 582.249 100.2% 102.1%

    Proportion 72.32%

    (Sources:Ti liu bo co i hi c ng thng nin 2009, 2010, 2011)

    Generally, NOSCOs total revenue was often at high level of more than

    750 billion of VN per year. After 2007 revenue starting out at a low of around350 billion of VN, 2008 saw a great increase in total revenue to 1,027 billion

    of VN, marking a growth index of 286.3%. Since then, as the world crisis

    negatively affected the whole global economy, NOSCOs total revenue fell

    considerably in 2009 before recovering slightly in 2010.

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    As shown in the table, in recent years, shipping revenue often accounted

    for more than 70 percent of NOSCOs total turnover, showing the importance of

    NOSCOs 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 2008s 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, NOSCOs shipping operation seemed

    to be very efficient.

    1.1.3. Other figures

    Content Year Unit Planned Actual FulfillmentGrowthindex

    Profit before tax

    2007Billions of

    VN

    50.0902008 102.019 203.67%

    2009 2.088 16.520 800% 16%

    2010 30 20.792 70% 127%

    Payment to statebudget

    2008Billions of

    VN

    51.178

    2009 6.219 12.2%

    2010 11.908 191%

    Average salary

    2008 Millions ofVN per

    month

    9.645

    2009 9.5 9.499 100% 98.9%

    2010 9.6 9.610 100% 101.1%

    (Sources:Ti liu bo co i hi c ng thng nin 2009, 2010, 2011)

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    Being guided by the fluctuation of global economy during this period,

    NOSCOs 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-to-

    predict economic situation during the period as the global crisis occurred.

    NOSCOs annual payment to state budget also got involved in this trend

    of fluctuation. Therefore, as 2008 was the splendid year in NOSCOs 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 NOSCOs 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 8 general cargoes and 3 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.

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    Other main goods carried by NOSCOs 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 NOSCOs fleet.

    Aside from two Asian giants above, since more than a half of NOSCOs

    fleet (actually 6 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 so-

    called 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 NOSCOs ships

    rarely come to these areas like Europe or Africa.

    2. Assessment

    2.1. Market shares

    Content Unit Year Vietnam NOSCONOSCOs

    proportion

    Transportvolume

    T

    2007 61,315,000 1,010,000 1.65%

    2008 69,285,000 1,300,000 1.88%

    2009 80,000,000 2,381,000 2.98%

    2010 88,000,000 1,650,000 1.88%

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    Rotationvolume

    TKm

    2007 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 andMaritime 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, NOSCOs 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

    NOSCOs fleet is the fourth biggest one, led by VOSCOs (around 555,000

    MT), FALCONs (around 390,000 MT) and VITRANSCHARTs (around

    325,000 MT).

    During the period from 2007 to 2010, the transport volumes of NOSCO

    account for less than 2 percent of Vietnam annual transport volume, with an

    outstanding of nearly 3 percent in 2009. For the rotation volume, in recent

    years, NOSCOs figures made up around 8 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 NOSCOs fleet has

    to go further to manage their businesses. Therefore, the number above showsthe result of NOSCO rarely operating in domestic ports and routes.

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    2.2. Shipping balance

    As said by NOSCOs staff, NOSCOs 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 do 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 do 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.

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    . Suggestions1. 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 fleets 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 2 times more

    than the current one in transport capability (which will mean about 350,000MT) 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 VN annually.

    Relating to new facilities, NOSCO is planning to launch the NOSCO-

    VINALINES 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.

    2. Some suggestions

    Broadening the marketAs 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.

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    There comes two ways of expanding the market:

    The first one is horizontal expansion, which means penetrating intonew market geographically. Currently, NOSCO has got used to many

    areas like Asia, North America and Latin America. However, there aresome other areas that NOSCO just has weak operating relationship

    such as Africa, Europe and surprisingly Vietnam. It is very profitable

    if NOSCO can do their business in these areas.

    The second way is improving the current market in depth-scale. Itmeans 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 consumptionFor 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 companys 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 competitivenessAfter 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 aconsequence, 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

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    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 long-

    term 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.

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    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 sizeand 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 medium-

    sized 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 NOSCOs

    operation. Taking into account the difficulties from the economy, NOSCOs

    staff need to pay more attention to reach greater achievements.

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    Reference

    1. International Maritime Organization (1969), International Convention onTonnage Measurement of Ships, London.

    2.Northern Shipping Joint stock Company (2009),Introduction Catalogue, Hanoi.3. Cng ty c phn Vn ti Bin Bc (2009), Bo co tm tt ti chnh nm 2008,

    H Ni.

    4. Cng ty c phn Vn ti Bin Bc (2009), Ti liu bo co i hi c ngthng nin nm 2008, H Ni.

    5. Cng ty c phn Vn ti Bin Bc (2010), Bo co tm tt ti chnh nm 2009,H Ni.

    6. Cng ty c phn Vn ti Bin Bc (2010),Bo co tng kt 5 nm 2006-2010 &K hoch 5 nm 2011-2015, H Ni.

    7. Cng ty c phn Vn ti Bin Bc (2010), Ti liu bo co i hi c ngthng nin nm 2009, H Ni.

    8. Cng ty c phn Vn ti Bin Bc (2011), Bo co tm tt ti chnh nm 2010,H Ni.

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