By GMM News | 2024-10-18 | Global Partner News |

PetroVietnam Transportation Joint Stock Corporation (PV Trans, stock code PVT) is estimated to have completed 126% of this year’s profit target in just 9 months.

PV Trans has just said that in the first 9 months of this year, cumulative revenue reached 8,100 billion VND and pre-tax profit reached 1,200 billion VND, completing 125% of the revenue plan and 172% of the profit plan respectively. The first 9 months of the year. Thereby, PV Trans paid 380 billion VND to the state budget, equivalent to 146% of the 9-month plan.

This year, PV Trans sets a revenue target of VND 8,800 billion and pre-tax profit of VND 950 billion. Thus, the corporation has completed 92% of its revenue target and more than 126% of its yearly profit target. Regarding fleet expansion, in September, PV Trans received 2 new ships. Specifically, PV Trans received the delivery of the Supramax bulk carrier named PVT Topaz in Korea, with a tonnage of 57,318 DWT, built in 2009. Immediately after receiving the handover, Phuong Dong Viet Transport and Logistics Joint Stock Company (PVT Logistics, stock code PDV) – a member unit of PV Trans signed a contract to put the PVT Topaz ship into operation on its first trip. first transported 40,000 tons of finished iron and steel products from China to the Philippines.

At the same time, in Singapore, the International Gas Products Transport Joint Stock Company (Gas Shipping, stock code GSP) has received a liquefied petroleum gas tanker (LPG tanker) called LPG Hai Phong Gas in Singapore, with the capacity carrying about 5,000 CBM, built in 2010. Immediately after being received, the Hai Phong Gas LPG ship was put into operation in the Asia-Pacific region. As of early September 2024, PV Trans owns and manages 55 ships, with a variety of types from crude oil ships, product oil ships, oil/chemical ships, LPG ships and bulk cargo ships with a total fleet tonnage. ships over 1.5 million DWT. Of these, more than 85% of the fleet is serving the international market.

In a related development, PVT Logistics successfully offered more than 23 million shares to the public, earning 230 billion VND. With the money raised, PVT Logistics will use 150 billion VND to buy 01 additional oil/chemical tanker with a tonnage of 19,000 – 25,000 DWT or a bulk carrier with a tonnage of 25,000 – 75,000 DWT; 80 billion VND to buy 01 additional Handysize/Ultramax bulk carrier with tonnage of 25,000 – 75,000 DWT. This ship purchase plan is expected to be implemented in the fourth quarter of 2024. According to PV Trans’s board of directors, the corporation’s current market share in the international market is less than 1%, so the room for market expansion is still very large. PV Trans currently aims to increase the proportion of revenue from the international market to at least 70% by 2025, compared to about 55% in 2023.

In order to achieve the goal of expanding business in the international market, PV Trans is focusing its efforts on rejuvenation and investing in expanding its fleet. According to the announcement at the 2024 Annual General Meeting of Shareholders, PV Trans plans to invest in 35 – 40 ships in the period 2024 – 2025 with the goal of increasing the group’s fleet to 85 ships by the end of 2025, reaching 2 .5 million DWT, equivalent to a 65% expansion of the current capacity. To meet the above plan, PV Trans is preparing for a plan to increase its charter capital by 2-3 times in the period 2025 – 2030, from the current VND 3,560 billion to over VND 9,000 billion to meet the needs of expansion. large fleet. The above plan will be announced in detail by PV Trans after approval by Vietnam Oil and Gas Group (Petrovietnam, which owns 51% of PV Trans’s equity capital).