Vietnam Maritime Corp reports bigger revenues, smaller profits in 2022

By Anh Duy   January 7, 2023 | 05:00 pm PT
Vietnam Maritime Corp reports bigger revenues, smaller profits in 2022
Containers being handled at Quy Nhon Port in Binh Dinh Province. Photo by VnExpress/Anh Duy
Vietnam Maritime Corp (VMIC) recorded consolidated profits of some VND3.129 trillion ($130.4 million) last year for a year-on-year decrease of 14%,

Consolidated revenues reached close to VND15.041 trillion, for an increase of 5% despite difficulties in maritime transport, said the shipping giant’s leaders said at a meeting Friday.

Explaining the smaller profits while bigger revenues, they said freight rates fell in 2022 while the volume of cargo in the domestic container shipping market remained low. Furthermore, VIMC’s aging fleet, which has many ships more than 20 years old, struggled to compete with foreign shipping lines.

Last year, the corporation transported 21.8 million tons of cargo, with the volume of cargo going through seaports under its management amounting to 124 million tons.

The company said the maritime industry will struggle in 2023 amid lower goods consumption demand sparked by rising inflation in many economies.

The shipping giant expects to earn consolidated revenues of VND13.35 trillion this year, with pre-tax profits reaching VND2.33 trillion.

Meanwhile, the corporation will continue to make progress in key international port projects in Hai Phong, Da Nang and HCMC.

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