Agribank has just announced the auction of the ship named Oriental Glory (formerly Nosco Glory) which was granted a Registration Certificate by the Vietnam Maritime Administration in Hai Phong City on January 8, 2018 to the Oriental Shipping and Trading Joint Stock Company (OSTC). This company is located at 278 Ton Duc Thang, Hanoi.

The Oriental Glory has a total capacity of 36,074 GT, a deadweight of 68,591 tons, and was built in 2015 in Japan.

Oriental Glory is a bulk carrier with main engine capacity of 7,634 kW.

This is the second time Agribank has auctioned this asset. The starting price for the second time is more than 123.2 billion VND, an 8% decrease compared to the first starting price, equivalent to a decrease of nearly 11.7 billion VND.

Previously, on July 29, the Hanoi Civil Judgment Enforcement Department announced the selection of an organization to auction the Oriental Glory ship with a starting price of more than 145.9 billion VND.

The ship is currently anchored at Phu My port, Ho Chi Minh City. The auction is scheduled to take place on October 10.

OSTC was formerly the Northern Waterway Transport Company, under the Vietnam Inland Waterways Administration. The enterprise was established in 1993 on the basis of organizational transformation of the Office of River Transport Corporation I. Business lines: transporting goods, petroleum, containers by sea, river, road; transporting passengers...

OSTC has a charter capital of VND200 billion. As of June 30, 2025, the three largest shareholders are Vietnam National Shipping Lines holding 49%, Bao Minh Joint Stock Corporation holding 9.97% and Bac Bien Trading and Transport Joint Stock Company holding 7.55% of charter capital.

As of June 30, 2025, the company has outstanding loans and financial leases of up to VND 3,163 billion. The 2025 semi-annual financial report does not specify the interest expense payable for loans related to the Nosco Victory, Hong Linh, and Ngoc Son ships. The total estimated interest according to the auditor is VND 20,439 billion (the corresponding principal balance is VND 623,428 billion).

According to OSTC’s explanation, the collateral assets including the Nosco Victory, Hong Linh and Ngoc Son ships have been sold, but the company has not received specific notice of the principal balance to be deducted. Therefore, the company has not been able to calculate the interest expense to be paid.

Source: https://vietnamnet.vn/nang-ganh-no-nan-don-vi-thuoc-tong-cong-ty-hang-hai-bi-rao-ban-tau-hon-100-ty-2443818.html