VOS – Brief – [NONRATED] – Unfavorable time

In 1Q25, VOS reported a VND462bn revenue (-65% QoQ, -58% YoY). Shipping revenue down to VND477bn due to weak market and falling rates in both dry bulk and product tanker rates. Net profit came in at a loss of VND54bn (-165% YoY). BIMCO expects supply to outpace demand and exert further pressure on freight rates.