AsemconnectVietnam - The ship investment plan was announced by Gas Shipping's board of directors at the 2024 General Meeting of Shareholders to increase the fleet capacity to meet market demand.

Gas Shipping International Joint Stock Company (Gas Shipping, code GSP) has just announced the signing of a credit contract with Shinhan Bank Vietnam Limited to finance the investment project to purchase LPG transport ships with a capacity of about 5,000 CBM (4,000 - 6,000 CBM), code GSP-GAS-04/24. The contract signing date is August 12, the loan contract value is more than VND240 billion.
Previously, at the 2024 Annual General Meeting of Shareholders, GSP's Board of Directors said that it planned to invest in 2 LPG vessels with a capacity of up to 7,500 CBM with a total investment of USD30 million, including USD11.1 million in equity and USD18.9 million in loans (the planned exchange rate in 2024 is VND23,500). At the same time, GSP also invested in 2 more LPG tankers with a total investment of VND7.29 billion, including VND2.19 billion in equity and VND5.10 billion in loans. Currently, Gas Shipping owns a fleet of 6 pressurized LPG carriers with a capacity of 1,800 - 5,000 DWT and 2 oil/chemical tankers with a capacity of about 20,000 DWT, with a total fleet capacity of about 58,000 DWT. In addition, Gas Shipping also chartered 03 additional pressurized LPG vessels and many spot vessels to transport gas products for domestic and foreign customers.
Regarding the business situation of the enterprise, in the first half of 2024, Gas Shipping brought in VND1,075.4 billion in net revenue and approximately VND60 billion in profit after tax, respectively increasing by more than 23% and 34% over the same period last year. GSP said that the reason was due to loan interest rates leading to a decrease in financial costs, in addition, the favorable market also contributed to the increase in the Company's exploitation efficiency.
N.Nga
Source: VITIC/Tinnhanhchungkhoan