HCMC-based firm acquires $10 mln loan from Shinhan Bank to buy LPG ship
International Gas Product Shipping JSC, listed on the Ho Chi Minh Stock Exchange (HoSE) as GSP, has secured a loan of VND240.1 billion ($9.6 million) from Shinhan Bank Vietnam.
In a filing sent to the HoSE earlier this week, Ho Chi Minh City-headquartered GSP said the move aims to facilitate its purchase of a liquefied petroleum gas (LPG) shipping vessel with a carriage of 5,000 cubic meters.
An LPG vessel of GSP. Photo courtesy of the firm.
Currently, GSP’s fleet features six LPG carriers between 1,800 and 5,000 deadweight tonnages and two other oil/chemical vessels of 20,000 DWT each. At its 2023 review, GSP said for 2024, it aims to purchase two LPG carriers of up to 7,500 cubic meters.
Half of GSP fleets are operating internationally and the other half serve both the domestic and foreign markets, GSP added. GSP’s major customers in Vietnam are PV Gas, the gas arm of state-run Petrovietnam; and Binh Son Refining and Petrochemical JSC (BSR), operator of the Dung Quat oil refinery.
In the first half of this year, GSP earned a pre-tax profit of VND75.1 billion ($3 million) on revenue of VND1,092 trillion, exceeding the plan by 30% and 28%, respectively.
GSP shares gained 3.49% to VND13,350 ($0.53) at the close on Friday.
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