PVT released its 2020 results in which revenue and recurring NPAT-MI dropped 3.9% YoY and 13.4% YoY, respectively. The decline in 2020 NPAT-MI was due to 1) low crude transportation volume as PVT’s biggest client — Binh Son Refinery (BSR) — conducted maintenance for 51 days, 2) lower crude tanker rates, 3) lower day rates for the floating oil storage (FSO) segment and 4) higher operating costs due to COVID-19.