Small, geared general-cargo ship placed into service after a budget-conscious acquisition supported by SVC Marine.

SVC Marine has completed the sale of the general-cargo vessel Cong Minh 18 (IMO 9631450, call sign 3WCY9) to a buyer in Iraq for USD 650,000. To enable the transaction, SVC Marine extended USD 100,000 in vendor financing to the purchaser with a two-year repayment horizon, allowing the ship to enter service quickly while the owner stabilises cashflow.

Key facts

Vessel: Cong Minh 18 — General Cargo
IMO / Call sign: 9631450 / 3WCY9
DWT / Tonnage: ~3,207 DWT; 1,599 GT
Principal dimensions: LOA 73.60 m; Beam 12.30 m
Main engine power: 735 kW
Built / place: 2011, Vietnam
Class / registry (ex-name): VR; Hai Phong, Vietnam
Buyer: Iraq / Delivery: 10 April 2023 (Vietnam)
Price: USD 650,000
Handover: Closing and delivery completed in Vietnam

The story

The Iraqi operator sought a compact, economical workhorse for short-sea trades. With limited upfront capital, the buyer needed flexible terms to bridge the purchase. SVC Marine structured a vendor-financing component of USD 100,000, coordinated surveys and documentation, and kept both sides aligned through to handover. The ship now provides affordable lift in regional cargo lanes.

“This was about matching the right tonnage with the right structure. A modest ship, a fair price and pragmatic financing got the owner sailing,” an SVC Marine spokesperson said.