- PVT released 2022 results with revenue of VND9tn (USD383mn; +23% YoY) and reported NPAT-MI of VND861bn (USD36mn; +29% YoY), completing 100.6% and 103.2% of our respective full-year forecasts and within our expectation.

- The strong reported 2022 NPAT-MI was mainly driven by 1) contributions from new tankers acquired in 2022, 2) a recovery of transportation demand and 3) a VND225.6bn gain from the Athena crude tanker liquidation.

- In Q4 2022, PVT’s NPAT-MI was VND237bn (+20% YoY) partly due to the company renewing its contracts from Q3 2022, which reflected high global tanker rates into PVT’s tanker rates and supported transportation gross profit to increase 41% YoY.

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