PVTrans spent about VND4.2 trillion ($161.74 million) on vessels in 2023 and another VND3.9 trillion ($150.19 million) in 2024, according to VCBS. The company added seven vessels in 2025, bringing its fleet to 65 ships by year-end, nearly double the 2021 level.

The fleet expansion has increased PVTrans's operating capacity but also raised fixed costs. VCBS noted that the company invested during a period when international vessel prices were elevated, leaving earnings exposed if tanker rates fall sharply.

However, market conditions had shifted in PVTrans's favor by the end of 2025, as tanker freight rates rose amid tensions in the Middle East and risks of disruptions to shipping through the Strait of Hormuz.

Changes in shipping routes or longer voyages mean vessels spend more time completing each cargo run, reducing the number of ships available for subsequent voyages and supporting charter rates.

From the second half of the second quarter of 2026, some of PVTrans's existing contracts began to expire, according to VCBS. Renewals took place as vessel supply remained tight, allowing the company to secure new charter rates about 30% higher than previous contracts.

New time-charter agreements may run for six to 12 months, allowing PVTrans to lock in the higher rates for the duration of the contracts, VCBS said.

Crude oil tankers, product tankers, chemical tankers, and liquefied gas carriers account for more than 70% of PVTrans's total fleet capacity. As a result, changes in liquid-bulk freight rates have a significant impact on the company's earnings outlook, the brokerage noted.

The upside is not without risks. If geopolitical tensions ease and tanker rates decline, vessels that have yet to reach their contract-renewal dates may not secure rates as high as those currently expected.

Over the longer term, PVTrans will need to generate sufficient revenue from its expanded fleet to cover the depreciation and interest expenses incurred during its investment cycle, VCBS said.

In 2025, PVTrans recorded consolidated revenue of VND16 trillion ($607.3 million), up 30% year-on-year and beating the target by 7%. It booked pre-tax profit of VND1.55 trillion ($58.83 million) last year, surpassing the goal by 29%.

PVT shares closed last Friday at VD23,100 ($0.89) apiece.