State-controlled shipping line Vosco steps up coal trading to seek new revenue drive

Vietnam Ocean Shipping JSC (Vosco), controlled by the state-run Vietnam Maritime Corporation, is moving deeper into coal trading as the shipping line increasingly bids for large import contracts for thermal power plants, marking a push beyond its core maritime transport business.

Vietnam’s coal import market, which supplies major power generators, is dominated by domestic and foreign traders. Vosco (HoSE: VOS) has appeared more frequently in recent tenders, underscoring its strategy to build a second revenue pillar.

On October 27, a consortium of Vosco and Vosco Maritime Services submitted the lowest bid, at $72.93 million, for a VND2.17 trillion ($82.17 million) contract to supply coal to the Duyen Hai 3 and 3MR plants in Vinh Long province, edging out a Vinacomin-Noble partnership at $73.76 million.

Vosco returned on November 10 with a $75.38 million offer for another VND2.17 trillion tender, though Dan Ka Minerals undercut competitors with the lowest bid at $74.2 million. Earlier in March 2025, Vosco secured a VND1.06 trillion ($40.3 million) coal supply contract, laying the foundation for this year’s commercial expansion.

Vosco reported Q3 consolidated revenue of VND850 billion ($32.25 million), down from VND1.27 trillion ($48.19 million) a year earlier, dragged by a 70% drop in trading revenue to VND650 billion ($24.67 million) and a smaller fleet after returning chartered vessels and selling older ships.

Despite the decline, Vosco posted a net profit of VND132 billion ($5.01 million) , rebounding from last year’s VND14 billion ($53,120) loss thanks mainly to a VND99 billion ($3.76 million) gain from selling the Vosco Star vessel.

For the first nine months of 2025, revenue fell to VND2.15 trillion ($81.47 million), roughly half the 2024 level, while net profit dropped to VND88 billion from VND344 billion ($13.05 million) a year earlier, when results were boosted by the Dai Minh vessel divestment.

Total assets rose more than VND1 trillion ($37.95 million) to nearly VND4 trillion ($151.79 million) as of end-Q3, driven by a VND1.3 trillion ($49.33 million) increase in fixed assets as the company invested in new ships. Debt re-emerged after being wiped out earlier this year, climbing to VND856 billion ($32.48 million).

At an extraordinary shareholders’ meeting on November 7, Vosco approved the sale of the 53,552-DWT Vosco Unity and is considering selling or sale-and-leaseback deals for up to three Supramax vessels. The company also added shipbuilding and floating-structure manufacturing to its business lines.

Vosco shares closed at VND12,900 ($0.29) each on Friday.