AsemconnectVietnam - Taking the strictest standards in demanding markets to develop its fleet, PetroVietnam Transportation Corporation (PVTrans, code PVT) has been reaping the rewards as the maritime industry increasingly demands higher requirements for its fleets.

90% of PVTrans's fleet has conquered the international market
Established in 2002 with the vision of becoming the next piece in the oil and gas industry chain of the Vietnam Oil and Gas Group to transport crude oil, product oil/chemicals, liquefied gas, bulk cargo... to form a closed chain serving the oil and gas industry ecosystem in Vietnam.
However, after more than 22 years of development, PVTrans, code PVT has not only ensured to serve the transportation of goods/products of the oil and gas industry in Vietnam, but also reached out to the international market with 90% of its fleet operating effectively in demanding markets such as North America and Europe.
Mr. Pham Viet Anh, Chairman of PVTrans Board of Directors, shared about expanding into demanding markets such as North America and Europe: “The company identifies the domestic market as the foundation but the international market as the target, so all work on fleet investment, building governance and management systems are in accordance with international standards and immediately approaching the international market mindset since its establishment. Therefore, after more than 22 years of operation in the market, PVTrans has accumulated a lot of experience and lessons, so it has enough confidence to compete fairly with major shipping lines in the world in demanding markets such as North America and Europe thanks to applying the highest standards in fleet management and operation, meeting all the most stringent requirements of today's maritime market”. It is known that PVTrans is one of the few units in the Vietnam Oil and Gas Group that has continuously maintained business results with growth for many years, with profits increasing year after year, and is one of the few enterprises leading in terms of profitability on investment capital of the Vietnam Oil and Gas Group.
In fact, to maintain the business results of continuous profit growth since 2012, over the past many years, the Board of Directors of PVTrans has utilized all resources to invest and rejuvenate the fleet when the purchase price of the ship is still reasonable, and at the same time combined with the method of rapid depreciation when the market is favorable, so PVTrans has owned a fleet with a book value much lower than the market price and is a solid stepping stone for the Company to continue investing in new ships, as well as in difficult periods of the transportation market.
In October 2024 alone, PVTrans continued to receive the product oil tanker MR - PVT Valencia with a tonnage of up to 47,399 DWT (built in 2008 in Japan), increasing the fleet to 58 ships with a total tonnage of about 1.7 million DWT and maintaining the title of the No. 1 liquid cargo transport unit in Vietnam (PVTrans has invested in 6 new ships with diverse types and tonnage, flexibly meeting different transportation requirements from product oil, chemical ships, liquefied petroleum gas (LPG) carriers to bulk carriers in the first 10 months of 2024).
By December 12, 2024, PVTrans had received another bulk carrier, with a tonnage of 57,300 DWT, named PVT Peridot (built in 2013 in Japan).
PVTrans leads the trend of green port development in Vietnam
Not only successfully conquering the international transport market, PVTrans's Board of Directors also demonstrates a strategic vision in developing a fleet with a green transformation trend, increasingly strict market requirements and especially the market's preference for ships with increasingly large tonnage.
Specifically, according to statistics from the Vietnam Maritime Administration, the total tonnage of Vietnamese shipping lines is currently about more than 11 million tons DWT, ranking fourth in Southeast Asia, after Singapore (total tonnage of 134 million tons DWT), Indonesia and Malaysia.
However, according to Mr. Pham Viet Anh's assessment, the total tonnage of Vietnamese shipping lines is not small compared to other countries in the region. Instead, the quality of the fleet is a problem when most Vietnamese ships are mainly small ships, have been invested for too long with outdated technology and machinery, so they do not meet the requirements of green, environmentally friendly transportation today. Of the 600 shipping companies, only 33 own a fleet with a tonnage of over 10,000 DWT, so Vietnamese shipping lines are having difficulty competing with shipping lines in the world and the region.
In fact, in addition to the requirement for ships with large hulls and large capacity, with the requirement for green development and sustainable development, the market in recent years has been developing a green port model, which also requires shipping lines when arriving at green ports to use clean fuel sources, use onshore electricity instead of generators.
In addition, the green port model will also provide automatic cargo loading and unloading services, reduce waiting time and have a smarter, more scientific management model.
It is known that the trend of developing green ports is not only in the world but is also being encouraged and promoted in Vietnam, especially the Cai Mep - Thi Vai port area, so it also opens up opportunities for shipping lines in Vietnam.
“Developing green ports is not only a trend but will be mandatory in Vietnam in the future,” said Mr. Pham Viet Anh.
It can be seen that, compared to other shipping lines in the country, PVTrans has been the leading shipping line in expanding its market to the most demanding markets such as North America and Europe, so the shipping line has and continues to meet all the most stringent standards in the maritime sector and when Vietnam promotes the development of green ports, this continues to be an opportunity for PVTrans to take the lead in this opportunity.
N.Nga
Source: VITIC/Tinnhanhchungkhoan