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Thursday, December 1, 2022

Shipping firms report hefty profits in Jan-Sept

The Saigon Times

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HCMC – Many sea transport service providers booked huge profits between January and September, driven by the robust transport demand.

In the first nine months, PetroVietnam Transportation Corporation made over VND1 trillion in pretax profit, beating its full-year target by 72%. In the third quarter of the year alone, the firm posted VND390 billion in after-tax profit, a year-on-year increase of 2.5-fold.

Hai An Transport & Stevedoring JSC saw its after-tax profit jumping during the period by 2.7-fold year-on-year at VND270 billion, the local media reported.

Gemadept Corporation, another waterway transport giant, also enjoyed positive business results during the period, with its third-quarter profit surging 76% at some VND290 billion.

Vietnam Ocean Shipping JSC booked over VND566 billion in pretax profit from January to September, up 38% year-on-year, while Vietnam National Shipping Lines reported a pretax profit of VND2.7 trillion, rising by 30% year-on-year and exceeding this year’s target by 10%.

High demand and soaring shipping charges created a boom for the sea transport service sector.

According to Vietnam Ocean Shipping JSC, during the nine-month period, though the shipping market faced multiple complicated and messy moments, shipping charges remained stable.

Shipping charges went up following the surge in material prices, driving up shipping revenue, said PetroVietnam Transportation Corporation.

Data from the General Statistics Office of Vietnam indicated that between January and September, goods transported by sea totaled over 77.8 million tons, up 27.5% year-on-year.

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