Vietnam's shipping major PVTrans beats 2025 revenue goal on fleet expansion, higher utilization

PetroVietnam Transportation Corporation (PVTrans, HoSE: PVT) posted estimated revenue of VND11 trillion ($417 million) in the first nine months of 2025, up 30% from a year earlier and exceeding its full-year target by 7%, the company said in a filing.

Pre-tax profit reached VND1.14 trillion ($43.2 million), 37% above the nine-month plan but down 5% year-on-year.

In Q3, PVTrans recorded revenue of nearly VND3.9 trillion ($147.7 million), a 33% increase from Q3/2024, while pre-tax profit slipped 4% to VND503 billion ($19.06 million).

The company attributed the strong topline growth to continued fleet expansion and higher utilization, following the addition of three vessels - PVT Pearl, PVT Solana, and PVT Avira - which boosted transport capacity and competitiveness.

For Q4, PVTrans targets consolidated revenue of VND4.5 trillion ($171 million) and pre-tax profit of VND586 billion ($22.2 million).

The firm is also drafting its 2026 business plan and a five-year roadmap through 2030, focusing on expanding its fleet and penetrating international markets.

As of August, PVTrans operated 61 vessels with a combined DWT of nearly 1.8 million, more than 90% of which are deployed overseas.

Fleet capacity has increased about 3% this year, supported by the acquisition of LPG carrier Phoenix Gas in June and dry bulk vessel PVT Fortune in July, each costing about $13 million, according to Vietcap Securities.

Vietcap expects PVTrans’s core profit to rebound 3% in 2025 after a 12% decline in the first half of this year, supported by the completion of depreciation for the PVT Apollo (Aframax, 105,000 DWT) in Q2 and a recovery in oil freight rates.

PVT shares closed down 1.39% to VND17,750 ($0.67) each last Friday.