- PVT released 9M 2022 results with revenue of VND6.6tn (USD270mn; +25% YoY) and reported NPAT-MI of VND627bn (USD26mn; +33.9% YoY), completing 77.8% and 75.6% of our respective full-year forecasts.

- The strong 9M 2022 NPAT was driven by 1) high freight rates and 2) profit contributions from new tankers (i.e., very large gas carrier (VLGC) and chemical tankers). In 9M 2022, the Aframax tanker spot rate and Aframax time charter rate rose 190.9% YoY and 113.4% YoY, respectively.

- In Q3 2022 alone, PVT’s NPAT-MI was VND265bn (+3x YoY), which was partly due to a VND212bn gain from the Athena crude tanker liquidation. 

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