Higher core earnings, VND216bn gains from selling vessel

• In 4Q25, VOS reported VND957bn revenue (+13% QoQ, -28% YoY). In particular:
• Commercial segment: revenue stood at VND337bn (35% of total revenue, -60% YoY).
• Shipping: revenue soars to VND620bn (65% of total revenue, +8% QoQ, +26% YoY) supported by higher freight rates (spot/TC Supramax dry bulk rates up +31%/+10% yoy; MR tanker rates up +61%/-6% yoy) and an estimated ~16% yoy increase in volume (figure 1, 2).
• Gross profit reached VND111bn (+278% YoY), driven mainly by the shipping segment with VND99bn (+654% YoY). Shipping GPM expanded to 16.0% (+13.3%p YoY), reflecting (1) a recovery in freight rates versus levels at which new vessels were chartered (late 2024 and 1H25) and (2) improved operating efficiency.
• VOS also booked a VND216bn gain from the disposal of the Vosco Unity vessel in 4Q2.
• As a result, net profit (NP) surged to VND216bn, compared with a VND9bn loss in the same period last year.

Rates could be lower in 2026F due to new supplies

We maintain a NEUTRAL outlook on VOS for 2026F. Average Supramax dry bulk freight rates for 2026 are implied to be 8% higher than 2025 based on week-19 forward contracts on the Baltic Exchange. However, BIMCO has raised concerns over a sharp increase in vessel deliveries in 2026F amid still-uncertain demand drivers, which could put downward pressure on freight rates.

Higher core earnings, VND216bn gains from selling vessel

• In 4Q25, VOS reported VND957bn revenue (+13% QoQ, -28% YoY). In particular:
• Commercial segment: revenue stood at VND337bn (35% of total revenue, -60% YoY).
• Shipping: revenue soars to VND620bn (65% of total revenue, +8% QoQ, +26% YoY) supported by higher freight rates (spot/TC Supramax dry bulk rates up +31%/+10% yoy; MR tanker rates up +61%/-6% yoy) and an estimated ~16% yoy increase in volume (figure 1, 2).
• Gross profit reached VND111bn (+278% YoY), driven mainly by the shipping segment with VND99bn (+654% YoY). Shipping GPM expanded to 16.0% (+13.3%p YoY), reflecting (1) a recovery in freight rates versus levels at which new vessels were chartered (late 2024 and 1H25) and (2) improved operating efficiency.
• VOS also booked a VND216bn gain from the disposal of the Vosco Unity vessel in 4Q2.
• As a result, net profit (NP) surged to VND216bn, compared with a VND9bn loss in the same period last year.

Rates could be lower in 2026F due to new supplies

We maintain a NEUTRAL outlook on VOS for 2026F. Average Supramax dry bulk freight rates for 2026 are implied to be 8% higher than 2025 based on week-19 forward contracts on the Baltic Exchange. However, BIMCO has raised concerns over a sharp increase in vessel deliveries in 2026F amid still-uncertain demand drivers, which could put downward pressure on freight rates.

Higher core earnings, VND216bn gains from selling vessel

• In 4Q25, VOS reported VND957bn revenue (+13% QoQ, -28% YoY). In particular:
• Commercial segment: revenue stood at VND337bn (35% of total revenue, -60% YoY).
• Shipping: revenue soars to VND620bn (65% of total revenue, +8% QoQ, +26% YoY) supported by higher freight rates (spot/TC Supramax dry bulk rates up +31%/+10% yoy; MR tanker rates up +61%/-6% yoy) and an estimated ~16% yoy increase in volume (figure 1, 2).
• Gross profit reached VND111bn (+278% YoY), driven mainly by the shipping segment with VND99bn (+654% YoY). Shipping GPM expanded to 16.0% (+13.3%p YoY), reflecting (1) a recovery in freight rates versus levels at which new vessels were chartered (late 2024 and 1H25) and (2) improved operating efficiency.
• VOS also booked a VND216bn gain from the disposal of the Vosco Unity vessel in 4Q2.
• As a result, net profit (NP) surged to VND216bn, compared with a VND9bn loss in the same period last year.

Rates could be lower in 2026F due to new supplies

We maintain a NEUTRAL outlook on VOS for 2026F. Average Supramax dry bulk freight rates for 2026 are implied to be 8% higher than 2025 based on week-19 forward contracts on the Baltic Exchange. However, BIMCO has raised concerns over a sharp increase in vessel deliveries in 2026F amid still-uncertain demand drivers, which could put downward pressure on freight rates.

Higher core earnings, VND216bn gains from selling vessel

• In 4Q25, VOS reported VND957bn revenue (+13% QoQ, -28% YoY). In particular:
• Commercial segment: revenue stood at VND337bn (35% of total revenue, -60% YoY).
• Shipping: revenue soars to VND620bn (65% of total revenue, +8% QoQ, +26% YoY) supported by higher freight rates (spot/TC Supramax dry bulk rates up +31%/+10% yoy; MR tanker rates up +61%/-6% yoy) and an estimated ~16% yoy increase in volume (figure 1, 2).
• Gross profit reached VND111bn (+278% YoY), driven mainly by the shipping segment with VND99bn (+654% YoY). Shipping GPM expanded to 16.0% (+13.3%p YoY), reflecting (1) a recovery in freight rates versus levels at which new vessels were chartered (late 2024 and 1H25) and (2) improved operating efficiency.
• VOS also booked a VND216bn gain from the disposal of the Vosco Unity vessel in 4Q2.
• As a result, net profit (NP) surged to VND216bn, compared with a VND9bn loss in the same period last year.

Rates could be lower in 2026F due to new supplies

We maintain a NEUTRAL outlook on VOS for 2026F. Average Supramax dry bulk freight rates for 2026 are implied to be 8% higher than 2025 based on week-19 forward contracts on the Baltic Exchange. However, BIMCO has raised concerns over a sharp increase in vessel deliveries in 2026F amid still-uncertain demand drivers, which could put downward pressure on freight rates.

Higher core earnings, VND216bn gains from selling vessel

• In 4Q25, VOS reported VND957bn revenue (+13% QoQ, -28% YoY). In particular:
• Commercial segment: revenue stood at VND337bn (35% of total revenue, -60% YoY).
• Shipping: revenue soars to VND620bn (65% of total revenue, +8% QoQ, +26% YoY) supported by higher freight rates (spot/TC Supramax dry bulk rates up +31%/+10% yoy; MR tanker rates up +61%/-6% yoy) and an estimated ~16% yoy increase in volume (figure 1, 2).
• Gross profit reached VND111bn (+278% YoY), driven mainly by the shipping segment with VND99bn (+654% YoY). Shipping GPM expanded to 16.0% (+13.3%p YoY), reflecting (1) a recovery in freight rates versus levels at which new vessels were chartered (late 2024 and 1H25) and (2) improved operating efficiency.
• VOS also booked a VND216bn gain from the disposal of the Vosco Unity vessel in 4Q2.
• As a result, net profit (NP) surged to VND216bn, compared with a VND9bn loss in the same period last year.

Rates could be lower in 2026F due to new supplies

We maintain a NEUTRAL outlook on VOS for 2026F. Average Supramax dry bulk freight rates for 2026 are implied to be 8% higher than 2025 based on week-19 forward contracts on the Baltic Exchange. However, BIMCO has raised concerns over a sharp increase in vessel deliveries in 2026F amid still-uncertain demand drivers, which could put downward pressure on freight rates.

Higher core earnings, VND216bn gains from selling vessel

• In 4Q25, VOS reported VND957bn revenue (+13% QoQ, -28% YoY). In particular:
• Commercial segment: revenue stood at VND337bn (35% of total revenue, -60% YoY).
• Shipping: revenue soars to VND620bn (65% of total revenue, +8% QoQ, +26% YoY) supported by higher freight rates (spot/TC Supramax dry bulk rates up +31%/+10% yoy; MR tanker rates up +61%/-6% yoy) and an estimated ~16% yoy increase in volume (figure 1, 2).
• Gross profit reached VND111bn (+278% YoY), driven mainly by the shipping segment with VND99bn (+654% YoY). Shipping GPM expanded to 16.0% (+13.3%p YoY), reflecting (1) a recovery in freight rates versus levels at which new vessels were chartered (late 2024 and 1H25) and (2) improved operating efficiency.
• VOS also booked a VND216bn gain from the disposal of the Vosco Unity vessel in 4Q2.
• As a result, net profit (NP) surged to VND216bn, compared with a VND9bn loss in the same period last year.

Rates could be lower in 2026F due to new supplies

We maintain a NEUTRAL outlook on VOS for 2026F. Average Supramax dry bulk freight rates for 2026 are implied to be 8% higher than 2025 based on week-19 forward contracts on the Baltic Exchange. However, BIMCO has raised concerns over a sharp increase in vessel deliveries in 2026F amid still-uncertain demand drivers, which could put downward pressure on freight rates.

Higher core earnings, VND216bn gains from selling vessel

• In 4Q25, VOS reported VND957bn revenue (+13% QoQ, -28% YoY). In particular:
• Commercial segment: revenue stood at VND337bn (35% of total revenue, -60% YoY).
• Shipping: revenue soars to VND620bn (65% of total revenue, +8% QoQ, +26% YoY) supported by higher freight rates (spot/TC Supramax dry bulk rates up +31%/+10% yoy; MR tanker rates up +61%/-6% yoy) and an estimated ~16% yoy increase in volume (figure 1, 2).
• Gross profit reached VND111bn (+278% YoY), driven mainly by the shipping segment with VND99bn (+654% YoY). Shipping GPM expanded to 16.0% (+13.3%p YoY), reflecting (1) a recovery in freight rates versus levels at which new vessels were chartered (late 2024 and 1H25) and (2) improved operating efficiency.
• VOS also booked a VND216bn gain from the disposal of the Vosco Unity vessel in 4Q2.
• As a result, net profit (NP) surged to VND216bn, compared with a VND9bn loss in the same period last year.

Rates could be lower in 2026F due to new supplies

We maintain a NEUTRAL outlook on VOS for 2026F. Average Supramax dry bulk freight rates for 2026 are implied to be 8% higher than 2025 based on week-19 forward contracts on the Baltic Exchange. However, BIMCO has raised concerns over a sharp increase in vessel deliveries in 2026F amid still-uncertain demand drivers, which could put downward pressure on freight rates.

Higher core earnings, VND216bn gains from selling vessel

• In 4Q25, VOS reported VND957bn revenue (+13% QoQ, -28% YoY). In particular:
• Commercial segment: revenue stood at VND337bn (35% of total revenue, -60% YoY).
• Shipping: revenue soars to VND620bn (65% of total revenue, +8% QoQ, +26% YoY) supported by higher freight rates (spot/TC Supramax dry bulk rates up +31%/+10% yoy; MR tanker rates up +61%/-6% yoy) and an estimated ~16% yoy increase in volume (figure 1, 2).
• Gross profit reached VND111bn (+278% YoY), driven mainly by the shipping segment with VND99bn (+654% YoY). Shipping GPM expanded to 16.0% (+13.3%p YoY), reflecting (1) a recovery in freight rates versus levels at which new vessels were chartered (late 2024 and 1H25) and (2) improved operating efficiency.
• VOS also booked a VND216bn gain from the disposal of the Vosco Unity vessel in 4Q2.
• As a result, net profit (NP) surged to VND216bn, compared with a VND9bn loss in the same period last year.

Rates could be lower in 2026F due to new supplies

We maintain a NEUTRAL outlook on VOS for 2026F. Average Supramax dry bulk freight rates for 2026 are implied to be 8% higher than 2025 based on week-19 forward contracts on the Baltic Exchange. However, BIMCO has raised concerns over a sharp increase in vessel deliveries in 2026F amid still-uncertain demand drivers, which could put downward pressure on freight rates.

Higher core earnings, VND216bn gains from selling vessel

• In 4Q25, VOS reported VND957bn revenue (+13% QoQ, -28% YoY). In particular:
• Commercial segment: revenue stood at VND337bn (35% of total revenue, -60% YoY).
• Shipping: revenue soars to VND620bn (65% of total revenue, +8% QoQ, +26% YoY) supported by higher freight rates (spot/TC Supramax dry bulk rates up +31%/+10% yoy; MR tanker rates up +61%/-6% yoy) and an estimated ~16% yoy increase in volume (figure 1, 2).
• Gross profit reached VND111bn (+278% YoY), driven mainly by the shipping segment with VND99bn (+654% YoY). Shipping GPM expanded to 16.0% (+13.3%p YoY), reflecting (1) a recovery in freight rates versus levels at which new vessels were chartered (late 2024 and 1H25) and (2) improved operating efficiency.
• VOS also booked a VND216bn gain from the disposal of the Vosco Unity vessel in 4Q2.
• As a result, net profit (NP) surged to VND216bn, compared with a VND9bn loss in the same period last year.

Rates could be lower in 2026F due to new supplies

We maintain a NEUTRAL outlook on VOS for 2026F. Average Supramax dry bulk freight rates for 2026 are implied to be 8% higher than 2025 based on week-19 forward contracts on the Baltic Exchange. However, BIMCO has raised concerns over a sharp increase in vessel deliveries in 2026F amid still-uncertain demand drivers, which could put downward pressure on freight rates.

Higher core earnings, VND216bn gains from selling vessel

• In 4Q25, VOS reported VND957bn revenue (+13% QoQ, -28% YoY). In particular:
• Commercial segment: revenue stood at VND337bn (35% of total revenue, -60% YoY).
• Shipping: revenue soars to VND620bn (65% of total revenue, +8% QoQ, +26% YoY) supported by higher freight rates (spot/TC Supramax dry bulk rates up +31%/+10% yoy; MR tanker rates up +61%/-6% yoy) and an estimated ~16% yoy increase in volume (figure 1, 2).
• Gross profit reached VND111bn (+278% YoY), driven mainly by the shipping segment with VND99bn (+654% YoY). Shipping GPM expanded to 16.0% (+13.3%p YoY), reflecting (1) a recovery in freight rates versus levels at which new vessels were chartered (late 2024 and 1H25) and (2) improved operating efficiency.
• VOS also booked a VND216bn gain from the disposal of the Vosco Unity vessel in 4Q2.
• As a result, net profit (NP) surged to VND216bn, compared with a VND9bn loss in the same period last year.

Rates could be lower in 2026F due to new supplies

We maintain a NEUTRAL outlook on VOS for 2026F. Average Supramax dry bulk freight rates for 2026 are implied to be 8% higher than 2025 based on week-19 forward contracts on the Baltic Exchange. However, BIMCO has raised concerns over a sharp increase in vessel deliveries in 2026F amid still-uncertain demand drivers, which could put downward pressure on freight rates.