PV Trans (PVT) accelerates fleet expansion, aiming for 100 ships

Growth Momentum Driven by New Vessels

In a favorable market environment, PV Trans expects to expand its fleet to 71 vessels by the end of this year.

According to a recent update from VPBank Securities, although overall ocean freight rates have “cooled down” after surging due to fears of escalating conflict between Iran and Israel, the business results of PetroVietnam Transportation Corporation (PV Trans, ticker symbol: PVT – HoSE) are expected to maintain a positive growth trajectory.

PV Trans's revenue is forecasted to reach VND 12,953 billion this year, up nearly 10% compared to 2024, thanks to the commissioning of new vessels and the recovery of domestic revenue.

In 2024, PV Trans added 7 new ships, including 4 bulk carriers, 1 LPG tanker, and 2 product/chemical tankers. All these vessels have been delivered, increasing the fleet size of PV Trans and its subsidiaries to 58 ships, with a total deadweight tonnage of over 1.6 million DWT. Notably, 85% of the fleet operates on international shipping routes, penetrating demanding markets such as Europe and North America.

On the domestic front, PV Trans’s local revenue is expected to grow significantly from the low base of 2024, as the Dung Quat Oil Refinery is operating continuously throughout the year. According to recent statements from Dung Quat Refinery’s leadership, the plant is running at high capacity—at times reaching 124% of its designed capacity. As a result, PV Trans's oil transport volume related to the refinery is expected to rise accordingly.

VPBank Securities projects that the transport volume related to the refinery will increase by 18% compared to 2024. Currently, PV Trans is responsible for transporting all crude oil from the Bach Ho oil field to the refinery.

PV Trans’s fleet expansion plan for this year. (Source: VPBank Securities)

According to the plan, PV Trans will continue to invest in purchasing or leasing new vessels this year, aiming to reach 71 ships by year-end—an increase of 13 vessels compared to the end of 2024. Under its long-term strategy toward 2030, the company targets a fleet of about 100 vessels, aiming for deeper participation in the maritime transport value chain and offering multi-sector shipping services including crude oil, petroleum products, LPG, LNG, and bulk cargo. This is expected to be the main growth driver for PV Trans amid volatile freight rates.

See also: “PV Trans (PVT) to finalize list for 32% stock dividend” on the Industry and Trade Magazine.

Benefiting from High Chemical Tanker Freight Rates

Global crude oil tanker freight rate trends (USD/day). (Source: Bloomberg, VPBank Securities)

Regarding crude oil freight rate prospects, VPBank Securities forecasts that geopolitical tensions in the Middle East may ease in the second half of 2025, which would stabilize rates for crude oil and petroleum products.

In the long term, crude oil and product shipping rates will face downward pressure as vessel supply is expected to increase beyond transport demand.

In the chemical transport market, 1-year time charter rates for chemical tankers have remained high in recent months due to limited vessel supply, while transport demand remains robust. The chemical tanker fleet currently contributes significantly to PV Trans’s gross profit margin in its shipping segment.

Global 1-year time charter rates for chemical tankers (USD/day). (Source: Bloomberg, VPBank Securities)

VPBank Securities forecasts that supply-demand conditions in the chemical shipping market will remain tight through the end of 2025. This will allow PV Trans to secure high freight rates when renewing contracts.

However, maritime market research firm Clarkson Research projects that global chemical tanker fleet growth will surpass transport demand in 2026 as many new vessels are delivered, putting pressure on time charter rates.

Binh Son Refining and Petrochemical (BSR) achieved 96% of its full-year base profit target within the first six months.

Duy Quang