PETROLIMEX TANKER CORPORATION

PETROLIMEX TANKER CORPORATION, known in Vietnamese as TỔNG CÔNG TY VẬN TẢI THỦY PETROLIMEX (PG TANKER), is a state-owned enterprise established in March 2013 to serve Vietnam’s petroleum logistics needs. Headquartered in Hanoi, the company operates primarily in sea and coastal freight transport, focusing on transporting petroleum and related marine services within the Petrolimex ecosystem.

From a legal standpoint, the company is registered as a one-member limited liability company under Business Registration Number 0106116043, issued by the Hanoi Department of Planning and Investment. The company is also registered under Tax Code 0106116043. PG Tanker is 100 percent owned by Vietnam National Petroleum Group (Petrolimex), giving it a strategic role in ensuring fuel supply stability across Vietnam. Despite its capital-intensive business, the company maintains a lean workforce of 49 employees, reflecting a highly specialized operational model.

Management is led by Mr. Nguyen A. D., Chairman, together with Mr. Nguyen D. D., General Director, and Mr. Pham V. K., Deputy General Director. The company operates with a fully paid charter capital of approximately USD 61.6 million.

Financially, PG Tanker demonstrates notable stability rather than rapid growth. In FY2024, total assets stood at USD 78.0 million, while net sales reached USD 93.73 million, showing a moderate recovery compared with the previous year. Most importantly, the company remained consistently profitable, recording a net profit of USD 3.49 million, supported by a solid equity base of USD 65.12 million and a positive working capital of USD 21.85 million—a strong liquidity indicator in the shipping sector.

Overall, PG Tanker is a low-risk, infrastructure-type operator that benefits from guaranteed demand within the Petrolimex system. For lenders and business partners, the company’s appeal lies less in its growth potential and more in its earnings predictability, state backing, and balance-sheet resilience.