PVTrans Oil successfully organized the annual shareholder meeting of 2020
On the morning of 19/06/2020, Phuong Dong Viet Oil transport Joint stock Company (PVTrans Oil) successfully organized "annual shareholder meeting of the year 2020" (Securities code PDV) at the 12th floor, PVFCCo Tower, 43 Mac Dinh Chi, Da Kao ward, District 1, HCM City. Ho Chi Minh City; With the participation of shareholders representing 24,471,527 number of shares have voting rights equivalent to 82.95% of the number of voting shares of the company.
The Congress has heard the agenda, the regulation of unified work through content at a rate of 100% of shares with voting rights. In 2019, PVTrans Oil has finished investing 02 vessels of chemical and modern young chemicals. With this, PVTrans Oil has made the Charter capital increase to VND 295 billion. In the context of the stock price traded in the market for only 4,000-5,000 VND/shares but the company has also successfully released shares of 95 billion capital for the sale price of 10,000 VND/share. This suggests that shareholders have confidence in the direction of the company's development and investment with long-term vision.
With difficulties and limitations of both incompetence and subjective but with the support of large shareholders PVTrans and Tan Long CO., LTD together with the determination, efforts of the entire board of directors, staff and crew helped PVTrans Oil complete the business plan with the turnover reached VND 955 billion; Profit 10.86 billion VND; State budget 7.28 billion. Although BUSINESS results are not yet achieved as expected but in the context of many domestic and foreign shipping companies are ineffective, PVTrans Oil still guarantees interest, this is an encouraging outcome.
Last time, the impact of the compounding crisis of the Covid-19 epidemic and the price of crude oil at the time of reduction to the negative threshold has severely impacted the business results of the whole oil and gas industry in general, PVTrans Oil in particular. Supply chain and cargo demand in shock reduction, many harbours require vessels to wait for the new 14 days for the bridge; This cause gave birth to the cost of ship days. PVTrans Oil's fleet is largely older, through every year of increasing cost operations, particularly the cost of maintenance, repairs, spare parts, and other components…, which also reduces competitiveness with other ships in the country and region. PVTrans Oil Board of Directors has proposed solutions to ensure business activities in 2020 effective including some of the following focus solutions:
- Capacity to enhance the fleet; In particular, the advanced technical status of Phuong Dong Star ship to ship has the ability to run international routes long-day and look for long-term T/C contracts for ships. For the ship PVT Saturn, PVT Neptune, PVT Synergy, PVOil Jupiter, continue to maintain T/C contracts with customers, ensuring the ship is not suspended because of technical status.
- Accelerate the depreciation of 2 older ships PV Oil Jupiter and PV Oil Venus; When favorable conditions will be handled this 2-vessel process for further funding to carry out a rejuvenating fleet investment plan; At the same time working with banks to didemy debt to reduce financial burden and cash flow.
- Continue to improve the TMSA safety management system and the Ship Management software application; Negotiating discounts, reducing the cost of supplies and spare parts with the purpose of reducing the cost of 10-15% of fleet technical management; Optimizing fuel consumption, lubricants,…
- Completed a plan to increase capital from 295 billion to 476 billion in 2020 to invest more than 2 ships to expand and rejuvenate the fleet, increase transport capacity and competitiveness.
In 2020, PVTrans Oil set a number of key objectives such as total turnover of VND 970 billion, the profit before tax reached VND 21 billion with state budget of 5.7 billion VND; Increased charter capital from VND 295 billion to 476 billion to invest more than 02 vessels in which 01 cargo vessel loose Handysize payload range 22,000-32,000 DWT supplementation in the year 2020 and 01 tanker products/Chemicals payload range 13,000-20,000 DWT under investment plan in 2019; Or investing 02 oil tanker products/chemicals in the Investment plan in 2019 with a payload of about 13,000-20,000 DWT, while low-cost vessels help to rejuvenate the fleet, improve competitiveness.
Due to a plan in 2020 which was constructed from the end of the year 2019 when the Covid-19 had not occurred as the global economic crisis, the ability to achieve the revenue targets and profits of the year 2020 was difficult. However, the company has not yet proposed the COUNCIL to adjust the plan.
The year 2020 can be said to be five difficulties in the strategic planning of PVTrans Oil, collective staff of employees, crew and Constable synergies, promoted the spirit of responsibility, fiercely in the work to steadily develop in the context of the oil transportation market under the dual impact of Covid-19 and the Emissions Management Convention of IMO has severely impacted Fleet operation.
The Conference also elected Mr. Tran Duy Tan – Additional member of the BOARD of 2020 – 2025; Mrs. Bui Lan Anh, Mrs. Pham Thi Huyen Trang and Mr. Ha Huu Anh replaced, additional member of Board of Control term 2020 – 2025.
With the highest voting rate of the program content, the year 2020 has been successful. Collective leadership determines that there will be many difficulties in implementing strategic business objectives in 2020 but trust will fulfill the plan well received by the general SHAREHOLDER.
Mr. Hoang Duc co-chairman and Mr. Ho Thuan-director donated flowers to celebrate Mrs. Bui Lan Anh and Ms. Pham Thi Huyen Trang-the company control Committee was replaced by Congress and added to the term 2020-2025.
With the steady steps, carefully weighed and adapted to each stage, PVTrans Oil always expects to create many steps to transform new breakthrough in BUSINESS strategy, maintain the growth rate of interest and comprehensive in the year 2020 and subsequent years.
Some related images at the annual meeting of Shareholders 2020: