Vietnam Shipbuilding Industry Group, whose failure to make payments on a dollar-denominated loan in 2010 roiled the nation’s debt markets, has missed three installments for $180 million, two people familiar with the matter said.

State-owned Vinashin, as the company is known, received the $600 million loan in 2007 from a group of institutions led by Credit Suisse Group AG, according to data compiled by Bloomberg. It missed the first $60 million payment on the principal in December 2010, putting the loan into default, according to Moody’s. The company has since missed paying an additional two installments of $60 million each, the people said.

Vinashin’s Hanoi-based Chief Executive Officer, Truong Van Tuyen, declined to comment on the missed payments when reached by phone at his office yesterday.

Earnings for shipbuilders globally are being hurt by a record fleet that’s outgrown demand for cargo. Vessels ordered in 2008 are still leaving yards while slower economic growth reduced international trade pushed daily rents for the largest vessels hauling iron ore and coal to the lowest since 2002, according to the Baltic Exchange, the London-based publisher of shipping costs.

Rating Downgrades

At least one state-owned company was downgraded after Vinashin’s 2010 default raised concern that companies part-owned by the government would not have its support in the event of financial difficulties. The country’s debt rating was cut by Standard & Poor’s in December 2010 by one grade to BB-, or three levels below investment-grade, after Moody’s took similar action earlier that month.

State-owned mining company Vietnam National Coal-Mineral Industries Group, or Vinacomin, was downgraded, to B2 from Ba3, by Moody’s in December 2010 and had its outlook lowered to “negative” from “stable” by S&P as Vinashin’s restructuring prompted a review of risk assumptions.

Syndicated lending and bond sales in Vietnam dropped 11 percent to $4.1 billion last year from 2010, according to data compiled by Bloomberg. Hanoi-based Vinacomin postponed a $150 million loan in October until markets are more conducive, a person familiar with the matter said at the time. The loan is still on hold, the person said today.

Vinacomin Chief Accountant Nguyen Xuan Thuy today said Standard Chartered Plc was still helping to arrange the loan and the company planned to borrow the funds at a later date, without elaborating.

Vinashin is being sued in the U.K. High Court by hedge fund Elliott Advisors LP, one of about 20 creditors with a stake in the $600 million loan. Credit Suisse, Depfa Bank Plc and Malayan Banking Bhd. are also among holders of the debt, the people said, declining to be identified as details are private.

Hong Kong-based spokeswoman for Credit Suisse, Josephine Lee, declined to comment on Vinashin’s finances or the missed payments.

Vinashin offers shipbuilding and ship repair services to companies in Vietnam and internationally, according to its website. It’s the largest shipbuilder in the country, accounting for as much as 80 percent of total domestic capacity, according to the site.

Source Bloomberg