Vosco (VOS) is about to buy two MR-sized oil tankers built in 2021, each costing nearly a trillion VND.

Specifically, the ship named Celsius Philadelphia, with a tonnage of 50,300DWT, is expected to be purchased for a maximum price of 35 million USD (about 902 billion VND), excluding taxes, transfer and registration fees, as well as fuel and grease remaining upon delivery.

Vosco is likely to borrow 70% of the ship purchase price, equivalent to about 632 billion VND. The loan term is 7 years, with an interest rate of 7%/year in the first year and 8.5%/year in the following years.

Ships purchased from loans will be used as collateral along with other assets of the company, with the total mortgage value not exceeding 35% of total assets recorded in the most recent financial report.

The company also assessed the sensitivity of the project, accordingly, VOS proposed two options for operating the ship. If self-operated, the expected payback period is about 9.4 years. If leased for a fixed term, the payback period is longer, about 10.6 years. In case the annual revenue decreases by 3% or the interest rate increases by 2%, the payback period can increase to 10.3 and 9.7 years respectively for the self-operated option; 11.3 and 11 years for the lease option.

The second ship, Celsius Portsmouth, is also a 50,300 DWT vessel and was built at the same time in China. The maximum price is expected to be 37 million USD (about 954 billion VND), with a similar financial structure to the first ship. The estimated payback period is 11.6 years if self-operated, and 12.7 years if leased.

Vosco said Celsius Portsmouth is being operated under a time charter contract at a rate of nearly $23,000 per day, with the ship's delivery period from November 17, 2025 to January 16, 2026. With an expected delivery date of June 15 to July 15, 2025, the company will have stable revenue immediately after receiving the ship.

Both Celsius Philadelphia and Celsius Portsmouth are chemical tankers built in Jiangsu Province and will be two of the ‘youngest’ ships in Vosco’s fleet. The company’s newest tanker was built in 2018.

If the deal is successful, Vosco will have completed half of its planned target of purchasing four MR tankers. The current fleet of five tankers will increase to seven after the addition of the two above-mentioned vessels, bringing the total fleet of the Company to 18.

An Minh