PVTrans expands its LPG transportation market share with the addition of hai phong gas vessel


PVTrans expands its LPG transportation market share with the addition of hai phong gas vessel

On September 9th, 2024, in Singapore, the International Gas Product Shipping Joint Stock Company (Gas Shipping) – a subsidiary of PetroVietnam Transportation Corporation (PVTrans) – successfully took delivery of the Hai Phong Gas, an LPG Carrier. This investment marked an important milestone in Gas Shipping’s fleet investment strategy, increasing both its transportation capacity and that of PVTrans in 2024.

Hai Phong Gas is a liquefied petroleum gas (LPG) carrier with a capacity of 5,000 CBM, a length of 99.98 m, and a width of 17.80 meters. Built in 2010 in Japan, the vessel adheres to strict maritime standards and meets the high technical requirements of international customers.

After its delivery, Hai Phong Gas was immediately put into operation in the Asia-Pacific region. The addition of this vessel is in line with PVTrans’s strategic plan of expanding its fleet, marking a crucial step in increasing its fleet scale. This move also sets the foundation for accelerating the company’s growth in the international LPG transport market in the coming years.

As of now, PVTrans continues to secure its position as the No. 1 maritime transportation brand in Vietnam. The company owns and manages 55 vessels of various types, including crude oil tankers, product oil tankers, oil/chemical tankers, LPG carriers, and bulk carriers, with a total capacity exceeding 1.5 million DWT, with over 85% of the fleet serving international markets.

Gas Shipping – a subsidiary of PVTrans – mainly operates in LPG and oil/chemical segments, and it currently manages 9 vessels, including 2 oil/chemical tankers and 7 LPG tankers. Besides that, Gas Shipping charters 2-3 LPG vessels additionally due to specific times and market demands. In the first eight months of 2024, Gas Shipping reached VND 1.151 billion in terms of revenue, exceeding its target by 31% and achieving 87% of the annual target. Likewise, profit before tax reached over VND 94 billion, surpassing the target by 20% and completing 90% of the annual target. The addition of Hai Phong Gas will provide Gas Shipping with more resources to sustain its growth momentum in the future.

With a strategic investment plan and a modern management system with strong market sensitivity, PVTrans has consistently grown in recent years. The company has maintained its position as the top-performing member of the Vietnam Oil and Gas Group and the No. 1 brand in liquid cargo transportation in Vietnam, with international recognition, sustainable growth, and high returns for shareholders.

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