Corporate presentation

PVTrans
PVTrans Update
Q1-2023
Feb 2024
25 May 2023

Draft

Strictly private and confidential

 Disclaimer
The report is provided to you for information purposes only. Whilst every effort has been taken to make
the information contained herein as reliable as possible, PVTrans does not represent the information as
accurate or complete, and it should not be relied upon as such. Any opinions expressed reflect
PVTrans’s judgment at the time this report was prepared and are subject to change without notice.
PVTrans will not be responsible for the consequences of reliance upon any opinion or statement
contained in this report. This report is based on information obtained from sources which PVTrans
believes to be reliable, but PVTrans does not represent or warrant such information’s accuracy,
completeness, timeliness, merchantability or fitness for a particular purpose. The information in this
report is not intended to predict actual results, and actual results may differ substantially from
forecasts and estimates provided in this report. This report may not be reproduced, in whole or in part,
without the prior written permission of PVTrans. The contents hereof may not be issued or passed on to
any person and/or institution without the prior written consent of PVTrans. Additional information
regarding this publication will be furnished upon request.
PetroVietnam Transportation Corporation
PVFCCo, 43 Mac Dinh Chi, Dakao Ward, District 1,
Ho Chi Minh City
T: +84 (0) 28 3911 1301
F: +84 (0) 28 3911 1300

Strictly private and confidential

PVTrans Draft
Contents Overview 4

Investment Highlights 8

Operating Performance 2023 15

Outlook 19

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PVTrans Draft
Overview

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PVTrans Draft 4
 PVTrans - At a Glance

$140.7M ~2,400 11 >1.4M DWT

Employees Subsidiaries/ Branches
Charter capital ~51 Vessels

2018-2023 2018-2023
Profit CAGR Average RoE Revenue
10% Growth 15% Return USD 429M
2023A

Top 10 logistics companies Top 500 largest companies & Top 50 listed companies Corporate Excellence Award
by Vietnam Report Top 500 most profitable companies in 2018, 2019 & 2023 in 2018, 2021-2023
by Vietnam Report by Forbes Vietnam by Enterprise Asia

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PVTrans Draft 5
 Service offerings
Mix of high quality, diverse and integrated maritime transportation services

A Crude oil B Oil/ Chemical C LPG D Dry bulk E

transportation transportation transportation transportation FSO/ FPSO services

 Transport crude oil as input  Transport refined output from  Transport LPG produced by  Transport thermal coal  Charter FSO PVN Dai Hung
for Dung Quat Oil Refinery DQS and NSRP to PVOil and DQS and NSRP to gasoline imported from Southeast Queen at Dai Hung oilfield
Plant (DQS) other petroleum distributors distributors Asia to domestic power  Provide operating and
 Transport crude oil in  Transport oil/chemical in  Transport LPG imported from plants management services for Sao
Southeast Asian routes international trading routes, Asia Pacific, such as China and  Transport bulk cargo in Asian, Vang-Dai Nguyet oilfield
mainly Arabian Gulf/India, India Atlantic routes
Southeast Asia, Middle East,  Transport LPG in Asia, Middle
EU, Northern American East
routes

17%
22%
10%
26% 5%
9.0%
10.0%
27%

Notes: Pie charts represent revenue breakdown

Other services include ship management, logistics and trading services (10% total revenues) Strictly private and confidential
PVTrans Draft 6
Holding Structure

Branches OFS
(FSO/FPSO services)
PVTrans Holding
PSM
(Ship management)
Subsidiaries

69.63% 67.89% 50.50% 50.67%

64.92%

Int’l Gas Product

PVTrans Pacific Shipping JSC
Southern Petroleum Hanoi Petroleum Quang Ngai
Transportation JSC Transportation JSC Petroleum
51.87% 51.0% 52.47% Transportation JSC
99.85%

Thang Long Maritime

Phuong Dong Viet Shipping Nhat Viet Transportation JSC Indochina Petroleum
and Logistics Corporation Corporation Transportation JSC
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PVTrans Draft 7
Investment 01 Strong foothold in the market

highlights
02 Vessel fleet with ongoing rejuvenation plan

03 Well-established management team

04 Strong financial track record

05 ESG twd int’l standards & best practices

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PVTrans Draft 8
 Strong foothold in the market (1/2)
1 Service breadth, scale and capabilities making PVTrans the #1 maritime transportation provider in Vietnam

#1 liquid cargo transportation company in

Vietnam by No. of vessels & deadweight
tonnage
A fleet of 51 vessels with a capacity of over 1.4m DWT

#1 crude oil transportation operator in

Vietnam by volume
Over 6.5m tons handled p.a. with 100% market share in Vietnam

#1 LPG transportation operator in Vietnam by

volume
~ 1.2m tons handled p.a with 100% market share in Vietnam Source: Vietnam Report

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PVTrans Draft 9
 Strong foothold in the market (2/2)
1 Strategic goal to increase global presence, esp. higher-end markets

Continuous overseas expansion Vietnam-based with global presence

 PVTrans fleet has grown internationally with over

90% of vessels operating on the worldwide routes.
14.8%

 Apart from traditional routes like Southeast Asia,

13.0%
Asia Pacific and the Middle East, the fleet has now
Foreign
expanded to higher-end markets, including
Europe, North America,…, thereby enhancing the
brand in the global market.

 Regular upgrade the HSE management system

under ISO, ISM Code, TMSA, and Sire/CDI standards
has allowed the fleet to meet stringent
requirements of Ports, Oil Majors and become • Vietnam • Malaysia • India • Europe
eligible for partnership in the tanker pool, • Middle East • Northern
• Singapore • Korea
outperforming the traditional market America
• Indonesia • Japan • Australia
benchmarks.

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PVTrans Draft 10
 Vessel fleet with ongoing rejuvenation plan
2 Fleet scale makes PVTrans the leading owner and operators of tankers in Vietnam

Fleet listing as at 31-Dec-23 Fleet expansion 2021-2025

25 100
15 y.o
1
3 21 y.o 80 13
20 1 17

No. of vessels
15 13
60 1
No. of vessels

10 10
15 3 13 y.o 24
21
40 1 4 20
6 72
10 14 y.o 21 1
62
19 8 y.o 14 15 53 37
20 37 33
14 34 28
3 14 16
5
- 4 3 4 5 6
DWT - 5

Method

Method

Method

Method

Method
Type

Type

Type

Type

Type
3
- 1-
Crude tanker Oil/Chemical tanker LPG carrier Dry bulk carrier FSO/FPSO
312.752 499.075 164.476 318.708 104.518 2021A 2022A 2023F 2024F 2025F

Purchase Bareboat Crude tanker Oil/Chemical tanker LPG carrier Dry bulk carrier FSO/FPSO Purchase Bareboat

• PVTrans owns and operates 51 vessels of various types with a total capacity of c.1.4 million • PVTrans plans to develop the fleet of 82 vessels with total capacity of over 2.5 million
DWT. DWT.
• The fleet scale allows for a mix of spot freight, COAs, bareboat and time charters. • Newly acquired vessels will be fully compliant with prevailing regulations,
including ballast water management, sulphur emission control and the requirement for
• All vessels in the fleet are well maintained by in-house technical ship management
carbon monitoring, reporting and verification.
services and crew manpower. This reduces reliance on outsourcing & allows cost
savings. • The ongoing fleet rejuvenation plan will allow Company to offer a young, energy-
efficient and flexible fleet to meet increasingly high demand of customers.

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PVTrans Draft 11
 Well-established management team with experience in navigating market cycles
3 A management team with a wealth of industry expertise and experience in achieving business targets for stakeholders

Dedicated, visionary BODs with proven track record in oil/gas & shipping…

Pham Viet Anh Nguyen Linh Giang Hoang Duc Chinh Doan Dinh Thai Nguyen T.T.Huong
Chairman BOD member BOD member Independent member Independent member
Over 30 years Over 23 years in Over 30 years Over 44 years Over 27 years
in oil/gas & finance & accounting in maritime & in oil/gas in oil/gas
shipping shipping

…supported by BOMs with years of oil/gas, investment & finance experience

Nguyen Duyen Hieu Nguyen Dinh Thanh Le Manh Tuan Nguyen Quoc Thinh Nguyen Viet Long

CEO cum BOD member Deputy GD cum BOD member Deputy GD Deputy GD Deputy GD
Over 26 years Over 27 years Over 30 years Over 20 years Over 20 years
in maritime & in maritime & in investment in oil/gas in oil/gas
shipping shipping & finance

Draft
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PVTrans 12
 Strong financial track record
4 Solid financial profile as evidenced by solid capital structure, liquidity & return on equity

1 2
Steady total asset & equity growth Stronger capital structure

743
Total Assets Total Equity
900 1,5
606 Equity Debt Debt/Equity
USD in millions

532

USD in millions
468 472 1,0 0,9 0,9

Debt/Equity
434 600 1
384 0,8 0,8
341
269 296 0,8
219 242
300 0,5

- 0
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23

3 4
Improved liquidity & deleverage Solid return on equity (ROE)

Total Borrowings Cash and Cash Equivalents 252 24%

19%
USD in millions

16%
16% 15% 14% 14%
157 14%
146 138
127
111
76 8%
54 51 63 55
41

0%
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 2018 2019 2020 ` 2022 2023

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PVTrans Draft 13
 E.S.G towards international standards and best practices
5 Strives to balance environmental, social & governance aspects, contributing to a sustainable future

GOVERNANCE
SAFETY
Ensure effective board leadership &
Cultivate safety culture independence
Provide safe transportation, Establish sound corporate
minimizing injuries/accidents governance via standardized internal
. regulations

ENVIRONMENT
COMMUNITY
Follow int’l regulations (MARPOL)
& conventions regarding SOx & Nox Engage in CSR activities (sponsoring
HUMAN hospital & school construction)
Meet Poseidon Principles
Certified with ISO environment Ensure employee well-being Volunteer & donate to charitable
Execute succession planning program causes
management system
Instil corporate culture

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PVTrans Draft 14
Operational
Performance
2023

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PVTrans Draft 15
Market Updates

Crude & Product Tanker 1-y TC rate Chemical Tanker 1-y TC rate LPG Carrier 1-y TC rate Drybulk Carrier 1-y TC rate
USD thousand/day USD thousand/day USD thousand/day USD thousand/day
25 100 20
60

20 80
45 15

15 60

30 10
10 40

15 5
5 20

0 0 0 0

VLCC Aframax MR 13k DWT 20k DWT VLGC 3.5K CBM East Supramax Handysize
3.5K CBM West
Crude tanker earnings remained firm amid Chemical tankers maintained at a stably firm VLGC market stood in a very strong position Bulkcarrier market has continued recovery
strong Atlantic exports and firm Chinese level during Q4-23, especially 13k chemical during Q4-23 but has corrected sharply since momentum since Q4-23 with support from
demand, though OPEC cuts continued to limit tanker rates. January on the back of a narrower US-Asia Brazilian iron ore exports, a steady flow
upside somewhat. propane arbitrage, seasonal trends and of Atlantic grains and the rerouting of
After a downward adjustment early in 2024, an easing of disruption at Panama some vessels away from the Red Sea
Product tanker market improved significantly 20k chemical tanker rates have been Canal. towards longer routes.
as ongoing disruption in the Red Sea adds rebounding recently.
pressure to already tight supply-demand balance. LPG coaster market was stable in Q4-23. Source: Clarkson Research, Feb-24
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PVTrans Draft 16
Investment Pipeline
In 2023, PVTrans purchased 7 vessels and signed BBHP 5 vessels. The Company also sold off Apollo Pacific and PVT Dragon.

It is scheduled to continue the ongoing fleet rejuvenation programme towards sustainable growth.

2/2023 3/2023 5/2023 6/2023 7-8/2023 9/2023 10/2023

Received MT Received Nord Received PVT Received Pacific Received PVT Clara Received Received PVT Avira
Iris Hakata Jupiter Era & Global Liberty Morning Kate & PVT Solana
under BBHP under BBHP under purchase under purchase under purchase under BBHP under purchase

Received NV Received NV Athena & PVT Pearl

Minerva under BBHP under purchase
under BBHP

1Q2023 2Q2023 3Q2023 4Q2023

5/2023 7/2023
Sold off Sold off
Apollo Pacific PVT Dragon

Source: Management information, Aug-23

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PVTrans Draft 17
 Income Statement Highlights

Total Revenues 403 Gross Profit

385
USD millions VND billlions 53
54 48 3
314 317 62
26 2 10
30 34 10
49 51
57 46 1
67 1 13
16
323 66
289 58
230
198 39
31

2020 2021 2022 2023 2020 2021 2022 2023

Transportation FSO/FPSO Others Transportation FSO/FPSO Others

66
EBITDA Net Profit 62
VND billlions 139 VND billlions
130 52
122 49
110 44 44

88 85 90 88 35 36

2020 2021 2022 2023 2020 2021 2022 2023

EBITDA reported EBITDA adjusted PBT PAT & minority interest

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PVTrans Draft 18
Breakdown by business line (1 of 2)

Revenues Gross profits

% %
100%
100%
3% 3% 4% 4%
13% 13%
16% 16%
14% 14% 12% 12%

6% 6% 0%
80% 1%
9% 9% 1% 80%
5%
1% Trading & others 13%
5% 22%
FSO/FPSO
60% 28% Others 60% 20%
26%
Dry bulk carrier
30%
LPG carrier
40% 80% 83% 84%
40%
75% Oil/Chemical tanker
27% 34%
27% Crude tanker
20% Transportation 20%
32%

17% 19%
16%

0% 0%
FY22 FY23 FY22 FY23
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PVTrans Draft 18
Outlook

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PVTrans Draft 19
 Shipping Market Outlook

Crude & Product Tanker Chemical Tanker LPG Carrier Drybulk Carrier
6% 15% 6%
9%

6% 12%
3%
3%
3%
9%

0% 0%
2020 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 6%
0%
-3%
2020 2021 2022 2023 2024 2025
-3% 3%
-6%
0% -3%
-9% -6% 2020 2021 2022 2023 2024 2025
Trade growth (tonne-mile)
Trade growth (tonne-mile) Trade growth (tonne-mile) Trade growth (tonne-mile)
Fleet growth (dwt)
Fleet growth (dwt) Fleet growth (dwt) Fleet growth (dwt)
Near-term outlook appears positive with a Chemical tanker outlook remains Outlook for 2024 is for softer conditions than 2024 looks set to see fairly moderate
range of supportive factors including positive, with potential for higher TC seen last year, though rates are expected to bulkcarrier markets overall, but the short-
disruption in the Red Sea (most notably rates due to improving supply/demand balance strengthen from current weak levels. term outlook appears relatively healthy for
impacting product tankers), strong driven by strong chemical demand growth Fundamentals for 2024 appear fairly the time of year and there is potential for (partly
Atlantic crude exports, firm Asian from Asia, esp. China amid the limited supply balanced. seasonal) gains to materialise further ahead.
demand, and ongoing sanctions on growth as investment has been subdued over
Russia. the past few years. Waterway is less important for LPG trade than Bulkcarrier demand growth (~1.6%) may fall
Panama Canal, and so far any upside to markets short of fleet growth (~2.3%) in 2024.
Tanker supply backdrop remains highly from re-routing via CoGH has been outweighed However, a number of other factors have
supportive. Efforts to improve CII ratings by other factors mentioned above. However, potential to lend support, including slower
could also potentially reduce available tanker sustained disruption at Suez Canal is an upside speeds and EST retrofit time.
supply through retrofit time & reduced speeds. risk factor for the market outlook. Source: Clarkson Research, Feb-24
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PVTrans Draft 20
Contacts
Mrs. Vu Thi Phuong Nga, Director, Planning & Investment Dept.,
Phone: (+84) 904 264 650
Email: [email protected]
Mr. Le Thien Nhat, Deputy Director, Planning & Investment Dept.
Phone: (+84) 907 010 168
Email: [email protected]
Mrs. Bui Lan Anh, Manager, Planning and Investment Dept.
Phone: (+84) 911 990 522
Email: [email protected]

IMPORTANT
No representation or warranty, express or implied, is given by PetroVietnam
Transportation Corporation (“the Company”). The only representations and warranties
that will be made are those that may eventually be included in a definitive agreement.
Neither this profile nor any of the information contained in it shall form the basis of any
contract.
The Company reserves the right to change or terminate the process without giving any
reason. The Company will not accept any costs or charges whatsoever.