Hai An plans $75million bond issuance to expand container fleet

Hai An plans $75million bond issuance to expand container fleet

Hai An Transport and Stevedoring JSC has announced a plan to issue $75.34 million in non-convertible bonds to finance the expansion of its container shipping capacity and logistics infrastructure.

The proposed domestic public offering, disclosed on May 18, involves up to 18.83 million unsecured bonds with a par value of $4.00 each and a five-year tenor. The company operates one of the largest container fleets in Vietnam.

Each bond will be accompanied by a warrant, allowing investors to purchase up to 10 ordinary shares at an expected price of $0.80 per share, subject to anti-dilution adjustments.

The capital raised from this offering will be primarily directed towards acquiring new container vessels and upgrading existing seaport facilities and inland container depots. The company’s management plans to seek market opportunities to acquire one to two second-hand container vessels with capacities ranging from 2,500 to 3,500 twenty-foot equivalent units (TEUs).

Hai An Transport and Stevedoring JSC operates one of the largest container fleets in Vietnam

“The addition of larger-sized vessels with capacities ranging from 2,500 to 3,500 TEUs is set to meet operational demand for intra-Asia routes and optimise operating costs on a per-slot basis,” the Board of Directors stated in documents from the company's 2026 AGM. “Despite the overcapacity risk in global container shipping in 2026, domestic and intra-Asia shipping demand is expected to remain strong due to regional trade growth, manufacturing relocation, and Vietnam’s expanding role as a regional manufacturing and export hub”

In addition to immediate second-hand vessel acquisitions, Hai An is dedicating significant resources to monitoring its medium-term new building projects to ensure all capacity expansions proceed according to schedule.

This robust pipeline includes four 3,000 TEU vessel contracts signed in 2025 and two larger 7,100TEU vessel contracts secured in early 2026.

The initial delivery of the 3,000 TEU vessels is slated to begin in December next year, with subsequent handovers planned at steady three-month intervals.

Beyond maritime assets, Hai An is also actively working to expand its port network connectivity by deepening strategic cooperation with other major seaports in the Haiphong area when its Hai An port has reached 100 per cent capacity.

“The port-shipping-logistics integration model may create long-term competitive advantages. Strengthening cooperation with port partners could generate synergies in berth utilisation, cargo throughput, customer base, and operational efficiency,” the board mentioned.

Looking ahead to the 2026 fiscal year, Hai An projects total revenue to reach $205.6 million, representing a marginal 0.2 per cent decrease compared to the $206 million achieved in 2025.

Conversely, the consolidated net profit after tax is projected to climb to $50 million, a 3.6 per cent on-year increase from the $48.2 million recorded in the previous year.

To achieve these financial milestones, the operational volume targets for the year are set at a combined total of over 1.2 million TEUs. This overarching goal includes 500,000TEUs generated from port operations, 496,600TEUs from container vessel operations, and an additional 205,700TEUs from depot services.

Hai An's container fleets account for 38.5 per cent of the total national container shipping capacity, and the company is one of the few domestic maritime transport enterprises possessing a complete maritime value chain, encompassing shipping, port operations, and integrated logistics.

VIR