By GMM News | 2024-11-19 | Global Partner News |

Vietnam Ocean Shipping Joint Stock Company – (VOS) will invest in purchasing 02 Supramax-sized bulk cargo ships, with a tonnage of 56,000 – 58,000 dwt, under 15 years old, with a maximum purchase price of 23 million USD/ship, Build 04 new Ultramax-sized ships, tonnage 62,000 – 66,000 dwt, maximum price 40 million USD/ship, build 04 MR-sized oil product ships, with a tonnage of about 50,000 dwt, with a maximum price of 52 million USD/ship. These ships are determined to be built in the following countries: Japan, Korea, China or Vietnam. Investment capital comes from loans and the enterprise’s own capital at a rate depending on each project.

Previously, VOSCO was managing and operating 13 ships, with a total tonnage of about 420,000 tons. Of which, the Company owns 9 ships including 7 dry cargo ships, bulk cargo ships and 2 container ships. Outsourced ships include 2 oil product ships and 2 chemical ships. The most recent ship that the company invested in was Vosco Sunrise, which was received in 2013. Since then, the Company has only liquidated old ships, old ships, poor technical condition… but has not been able to invest in more ships. With the plan to expand the fleet, VOS management said that regarding investment in used bulk carriers, the Company finds that the price of used ships is currently at a reasonable level, and the long-term market is The rating is relatively stable.

For product oil tankers, the Company will invest in newly built resale ships, with early ship delivery times to be able to take advantage of the good market period. Besides, the Company is still determined to maintain and operate its container fleet stably. VOSCO’s container ship fleet is mainly operated on domestic routes. Currently, the price of container ships is quite high, so the Company has no plans to buy ships but is looking for and negotiating to rent more container ships with partners to have more mining vessels, ensuring efficiency. Regarding financial sources for ship investment, VOS has currently arranged counterpart funds and has worked with many domestic and foreign financial institutions to find suitable loan sources. The company has received written commitments to finance capital from a number of domestic banks.

In the third quarter of 2024, VOS recorded net revenue of 1,269.85 billion VND, an increase of 77% over the same period last year. After deducting expenses, the Company reported an after-tax loss of more than 14 billion VND in the third quarter of 2024 (the same period last year lost 23.3 billion VND). VOS said that due to the exchange rate difference loss in the third quarter of VND 17.75 billion, the Company suffered a loss in the third quarter. Accumulated for the first 9 months of 2024, VOSCO recorded revenue of 4,239.34 billion VND, an increase of 86.1% over the same period because from the first quarter of 2024, VOSCO has chartered 2 more chemical ships, Dai Hung and Dai Thanh. to manage and exploit in the form of bareboat charter for a period of 3 years, so there is more revenue from these 2 ships. Accordingly, despite the third quarter’s loss, VOS’s 9-month after-tax profit still reached 344.26 billion VND, 6.8 times higher than the same period last year.