AsemconnectVietnam - Global Pacific Shipping Joint Stock Company (code PCT) said that the total investment for 4 new ships is over 192.6 million USD, of which a maximum of 80% is borrowed capital.

According to the Resolution of the 2nd Extraordinary General Meeting of Shareholders 2024 of Global Pacific Joint Stock Company (code PCT) held on December 3, 2024, Global Pacific has approved the investment plan to build 4 new oil/chemical tankers with a capacity of about 25,900 DWT. The investment implementation period is expected to begin in 2025.
The investment level will not exceed 48.15 million USD/ship, corresponding to a total investment of over 192.6 million USD for 4 ships. To implement this investment plan, PCT plans to use more than 49.18 million USD from equity, other capital or issue additional shares according to the payment schedule for the shipyard. The remaining 143.44 million USD is from bank loans (up to 80% of the ship purchase value).
PCT has been working with banks with high feasibility and commitment in arranging credit such as OCB, TPBank, MSB... The loan term is 8 years, the loan interest rate in VND fluctuates from 6.5 - 9%/year depending on the time of disbursement.
Global Pacific said that based on the market situation and development prospects of the shipping industry, the market for product oil and chemical tankers is on the rise, and freight rates are reaching high levels. In that context, a number of shipping companies have developed a fleet of oil/chemical tankers.
Meanwhile, PCT owns and operates 4 J19 series oil/chemical tankers with good technical conditions and high efficiency. However, the demand for international oil and chemical transportation continues to increase strongly, while the Company only operates a limited number of ships.
Thus, investing in building new oil/chemical tankers in the IMO II/III segment with a capacity of about 25,000 - 26,000 DWT will help the Company expand its scale, increase its exploitation capacity and make the most of opportunities in the market.
Evaluating the market further, PCT said that the maritime transport market in general and liquid cargo transport in particular have improved and recovered positively after the peak period in 2006 - 2007. The tense geopolitical conflicts in recent years in the Middle East, Eastern Europe... (places with large oil production) have increased the demand for oil imports. Along with that, the US and EU embargoes against Iran, Venezuela or Russia... also lead to changes in global supply and increased demand for transportation in other regions to compensate for the shortage.
The current complex context shows that the demand for maritime transport in general will grow in the following years. In particular, oil/chemical tankers with a capacity of 19,000 - 26,000 DWT are very popular for running cargo routes around the Middle East, Southeast Asia, China, Korea, Japan, America, Europe... because of the diversity of transported goods.
In the country, the Vietnamese chemical industry plays a key role in economic development because it is an industry that provides inputs for a number of essential industries. Currently, Vietnam has fully developed the sub-sectors of the chemical industry including: Fertilizers and nitrogen compounds, soaps and detergents, virgin plastics and synthetic rubber, basic chemicals, paints and inks, pesticides, artificial fibers and other chemical products.
To serve domestic demand, 70 - 80% of chemicals are imported from China, the rest from other countries. Therefore, the imported chemical market also brings opportunities for Vietnamese ship owners to own product/chemical tankers with a capacity of about 25,000 - 26,000 DWT.
N.Nga
Source: VITIC/Tinnhanhchungkhoan