Vosco will add to the fleet of two oil tankers built in China from 2021, with a total investment of more than VND 1,850 billion.
The Celsius Philadelphia ship is expected to be purchased by Vosco for the highest price of 35 million USD, equivalent to more than 900 billion VND. Photo: Walter Pless.
Board of Directors of Vietnam Shipping Joint Stock Company (Vosco) Recently, it has approved a plan to buy 2 more mid-range oil tankers. Lance will be completed in 2025, with the goal of increasing mining capacity of the enterprise.
The two ships are Celsius Philadelphia and Celsius Portsmouth, both built in China in 2021, have a significant load 50,300DWT, expected to be purchased by Vosco at a maximum price of 35 million USD and 37 million USD, equivalent to more than 900 billion VND and more than 950 billion VND, excluding taxes and fees transfer, registration as well as residual fuel upon ship handover.
Thus, Vosco will spend more 1,850 billion VND for the transfer of these two ships, of which 70% is loan capital 7-year term, with an interest rate of 7% in the first year and 8.5% in subsequent years follow.
It is expected that two ships has a payback period of about 9-11 years, depending on the form of exploitation, production and business patterns as well as fluctuations in interest costs. In which, the Celsius Portsmouth is currently being exploited on a fixed-term lease until the end of 2025 or early 2026, thus generating revenue for the company as soon as it receives the ship at around 15/6- 15/7/2025.
This deal will increase the total Vosco's fleet to 18 ships, including 9 dry ships, 2 container ships and 7 oil tankers.
Previously, Vosco also received the handover of two dry ships, Sunlight and Starlight, at the beginning of the first and second quarters of 2020 now.
According to the plan to be announced At the 2025 Annual General Meeting of Shareholders, the company will invest in 2 more mid-sized oil tankers range, 4 Ultramax-sized dry ships and 1-2 container ships with a tonnage of about 1,000 teus, besides continuing to charter ships for exploitation, as well as liquidating a number of elderly ships, do not meet technical standards.
Vosco's total investment plan for new ships is up to more than 10,000 billion VND, which is given in the context that the company has overcome all accumulated losses from the stage of difficult and clean shipping debts and owns more than VND 1,300 billion in bank deposits by the end of 2024.
Thanks to the financial picture healthy, Vosco's new ship investment plan is interested by many banks and onion. In particular, the acquisition of the dry cargo ship Sunlight was carried out by Vosco under the accompanying in terms of capital of Vietnam Maritime Commercial Joint Stock Bank (MSB).
To implement the strategy investing in new ships, Vosco uses the method of quick depreciation calculation of ships that are declaring waterfall. This is one of the reasons given by Vosco to explain the negative profit in the first quarter of 2025, in addition to factors related to the transportation season and ship maintenance plans.
Specifically, in the first quarter of 2025, Vosco's revenue reached VND 462 billion, a loss of VND 53 billion. However, according to Vosco leaders, The company still made a profit in the first quarter if calculated depreciation according to the usual method.
It is expected that Vosco will be profitable back in the second quarter. The company aims to keep revenue at the same level in 2025 VND 6,000 billion, profit before tax decreased by 10% to VND 376 billion in 2025.
