VOS – Brief – [NONRATED] – Profits surge thanks to higher rates

In 3Q25, VOS reported a VND850bn revenue (+2% QoQ, -33% YoY). Shipping revenue VND539bn (+8% QoQ, +10% YoY) thanks to increased tonnage and higher rates in both dry bulk and product tanker. Net profit came in at VND132bn (vs. 3Q24’s VND14bn loss). BIMCO forecasts that in 4Q25, dry bulk freight rates and dry bulk freight rates could be softer, this may put pressure on VOS’s profit margin.