PVT – Expanding fleet capacity in positive industry outlook
• PVT plans to expand its fleet for 2024-2025. For 11M2024, the company has added 7 new vessels, bringing its total fleet size to 56, including 47 owned ships and 9 bareboat chartered vessels. We estimate that PVT will dispose of older vessels to reinvest in younger ships, aiming to increase profits.• The oil tanker market remains positive, with expectations that charter rates for 2024-2025 will stay higher over the 2022-2023 period. Although some segments are predicted to experience oversupply due to an increase in vessel availability, potentially leading to lower rental rates, we expect that PVT will maintain its operational efficiency. This is primarily due to its advantage of keeping management and operational costs 10-15% lower than foreign competitors and contributions from its newly added vessels.
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