(VEN) - The Vietnam Tanker Joint Stock Company VITACO (coded: VTO) was officially equitized on February 6, 2002. It operates mainly in transporting petroleum by sea and petrochemical products; trades in commodities, equipment and accessories for maritime transport; maritime services, ship agent, ship sanitation, ship repair and maintenance services.
After being equitized, VITACO has invested in upgrading its fleet of ships to increase the exploitation capacity and prepare to take part in the international transport market. Since 2007, the company has invested in the ship P09 of 40,000DWT with a system of modern equipment to replace the ship PETROLIMEX 01. By 2008 the company expanded its business scale, improve transportation load and strengthen competitiveness in the domestic market and the transport sector. The company invested in three new modern ships: PETROLIMEX 11, PETROLIMEX 12 and PETROLIMEX 14, satisfying the strict rules of law and international maritime conventions, bringing the tonnage of the company's ships to 66,000 DWT. At the same time, to diversify business type, the company has set up the VITACO Saigon Co., Ltd. with a chartered capital of VND40 billion. Continuing the success, in 2009 VITACO further upgraded its branch VITACO Da Nang to the Da Nang Co., Ltd. with a chartered capital of VND15 billion with the aim of strengthening and promoting the central market and making the most of the opportunity when the Dung Quat Oil Refinery goes into operation. Consequently, the company has always completed all the tasks and maintained stable growth to deserve the status as a leader in petroleum transport in Vietnam. In the first six months of 2010, the company’s profits reached nearly VND40 billion against 2010 plan of VND62 billion.
VITACO always considers the maintenance and development of petroleum transportation fleet an important factor for stability and maintaining its leading position in the market. Therefore, when discussing the future development, the company general director, Luu Van Thang, said: VITACO will continue investing in modern ships with large tonnage to gradually rejuvenate and enhance the transport capacity. At present, the company owns six oceangoing ships for petroleum transport and five coastal ships with a total tonnage of up to 180,000DWT, equipped with modern technology, to protect marine environment and meet the international requirements for petroleum port storage.
The positive development of the economy have a positive impact on the marine transport industry in general and VITACO performance in particular. It is one of the petroleum transportation enterprises operating with high effectiveness, with good growth and profit. These characters make its shares attractive when listed with transparent and accurate information, attracting the attention of investors at home and abroad. With the success of listed shares, and the attractiveness of the business field, business results, VITACO position has increasingly confirmed on the basis of stable liquidity, and have a tend to go up in the next time. That helps VITACO grow more strongly in the future, worthy of the brand of a strong petroleum transportation company./.
Kieu Bac
|