The company has used a combination of its own capital and bank loans to invest in the purchase of the vessel Koro Sea, with a deadweight of 105,905 DWT, from shipowner Won Shipping (Singapore) in February 2024. This vessel was first launched and delivered on 27 February 2008.
The Fortis oil tanker (previously named Pacific01) operating on the international market (Photo: Marinetraffic).
Throughout its operating period, the vessel has undergone several name changes: Blue Jasper (2008–2011), Asian Jasper (2011–2014), and Koro Sea (2014–2024) under the ownership of Won Shipping. All these stages were managed and fully operated by subsidiaries of Eastern Pacific Shipping (EPS–Singapore) from 2008 to 2024.
After taking delivery in February 2024, the company renamed the vessel Pacific01, registered it under the flag of Panama, and classified it with ABS (USA) for long-term international transport contracts. The vessel has consistently been maintained in good technical condition and certified by ABS (Class) without any technical deficiency recommendations.
Since August 2025, the vessel has been renamed Fortis, reflagged under Cameroon, classified with RS (Russian Federation), and continues operating on the international market.
The company affirms that the vessel is being maintained in good technical condition, fully compliant with international Conventions and classification standards, with all certificates valid. During the entire investment and operation process, the company has strictly complied with Vietnamese laws, fully fulfilling its tax declaration and payment obligations to the State.
Regarding asset value, Fortis is a major asset of the enterprise, having only been put into operation since 2024. Therefore, the remaining asset value is still high, and both the company’s investment capital and the outstanding bank loan financing the vessel remain significant.
“In the context of rising international risks, continuing to operate the vessel under a foreign flag poses many difficulties and costs, significantly affecting business efficiency, debt repayment capacity, as well as the safety and operational stability of the enterprise,” stated PLM JSCo.
In the current situation of increasing global conflicts and geopolitical tensions, the international crude oil shipping market is subject to greater legal, security, and safety pressures. Foreign-flagged vessels, including Fortis, face increasing restrictions due to trade control policies, cargo-access limitations, port entry/exit procedures, insurance conditions, and maritime security inspections imposed by certain countries and regions. These factors directly impact the vessel’s ability to maintain stable and continuous operation.
Besides the benefits for the company, Pacific Logistics and Maritime Joint Stock Company (Thai Binh Duong) affirms that registering Fortis under the Vietnamese flag also brings practical value to the maritime sector and the national economy.
This contributes to expanding the national fleet, strengthening Vietnam’s capacity in the international crude oil transportation sector, increasing state budget revenue, and aligning with the Party and Government’s policy of developing the maritime economy in connection with safeguarding national sovereignty at sea.
According to the company, Fortis is currently 17 years old and falls within the category eligible for consideration for registration under the Vietnamese flag according to existing regulations.
Based on legal requirements and the assessment of economic–technical–legal efficiency when the vessel operates under the Vietnamese flag, the Pacific Logistics and Maritime Joint Stock Company requests the Ministry of Construction to review, approve the policy, and guide the enterprise in carrying out the procedures for vessel registration and flagging under Vietnam in the earliest possible time.
The company commits to full compliance with Vietnamese laws and international conventions, ensuring the vessel is operated for the correct purpose, safely, efficiently, and contributing positively to the development of Vietnam’s fleet and maritime transport sector.
Regarding this issue, representatives from the Vietnam Maritime and Inland Waterways Administration stated that the Ministry of Construction always encourages enterprises to invest in vessels and register them under the Vietnamese flag to expand and develop the national fleet, meeting transport needs—especially for specialized vessels.
According to current regulations on age limits for vessels registered in Vietnam: Vessels, submarines, submersibles, floating storage units, and mobile platforms flying a foreign flag and already in use must not exceed 10 years of age for passenger ships, submarines, and submersibles; not exceed 15 years for other sea-going vessels, floating storage units, and mobile platforms when registering in Vietnam.
In special cases, as decided by the Minister of Construction, the age limit may be extended to: – Not more than 17 years for container ships of 1,500 TEUs or more; – Not more than 20 years for vessels transporting chemicals, liquefied gases, crude oil, or for floating storage units; – Not more than 25 years for research vessels, training vessels, and search-and-rescue vessels that are donated, gifted, contributed, or provided as aid to the Government of Vietnam.