PV Trans (HOSE: PVT) | 2025 PVT AGM Note

CAUTIOUS OUTLOOK AMID FREIGHT RATE PRESSURE, FLEET EXPANSION REMAINS KEY GROWTH DRIVER

2025 Business guidance

o       Revenue: VND 10,300 bn (-16.3% YoY)

o       NPAT-MI: VND 960 bn (-12.2% YoY)

Tanker market

o       PVT assesses that the risk of oversupply in the Oil/Chemical Tanker and Gas Tanker is quite significant due to a high orderbook ratio (about 15–16% of the current fleet size), whereas this ratio for Crude Oil Tanker and Bulk Carrier is lower, at only around 10%.

Impact of tariffs

o       Expecting tariffs to affect demand in short-term but will stabilize over time. The tanker market had already experienced a 10-20% decline before these tariff effects, due to Oil/Product Tanker being hit by sharp fluctuations in freight rates, while Crude Oil Tanker and Gas Tanker experienced a slight decrease

Fleet Expansion Plan 2025

o       Plans to invest VND 3,551 bn, with VND 3,525 bn allocated to new ship purchases, continuing projects from 2024. In more detail, 1 MR Product Tanker or 1 Supramax Bulk Carrier (USD29mn), 2 MR Product Tankers or 1 Aframax Crude Oil Tanker (USD52mn).

o        Also plans to purchase 1 VLGC or 1-3 oil tankers with a total value of USD 60 mn.

o        PVT will consider investing in VLCC vessels if long-term shipping contracts are secured.

Charter Capital Increase

o       PVT plans to raise its charter capital by 32% via stock dividends, increasing from VND3,500bn to VND4,699bn to support business expansion

Brent oil price risk

o       PVT is expanding internationally to mitigate risks from fluctuations in domestic oil prices, particularly with regard to the Dung Quat refinery.

o       PVT has joined the Hafnia and Maersk MR Pools to diversify its revenue streams through time-charter agreements and reduce its reliance on domestic oil transportation.

Other Activities

o       PVT is currently studying the LNG market and plans to launch international routes first. Domestic operations will be considered once Vietnam’s LNG supply and demand stabilize.

o       PVT is exploring new opportunities, including coal transportation for the Song Hong power plant and expanding into logistics through ICD port operations as part of its risk management strategy.

AGM documents 2025: [here]

AGM resolution 2025: [here]