According to the Financial Report for the second quarter of 2025 of Dong Dong Shipping and Trading Joint Stock Company (OSTC), business operations continue to face difficulties. Net revenue decreased by more than 38% over the same period, down to VND 56.1 billion. The capital price decreased by 27%, to more than 105 billion VND, but trading below the capital price caused the enterprise to lose more than 49 billion VND, while in the same period last year, the loss was at 54.2 billion VND.
Financial expenses decreased 26% to VND109 billion but were still a significant figure, of which interest expenses were VND36 billion. During the period, the company did not incur any sales expenses, but the cost of business management increased sharply by 62% to VND7.8 billion, compared to VND4.8 billion in the same period last year.
As a result, OSTC recorded a loss of more than 166 billion VND in the first half of the year, narrowing compared to the loss of 206.8 billion VND in the same period last year, but the business situation in general is unlikely to improve.
As of June 30, 2025, the total outstanding loans of OSTC are at VND 5,530 billion, of which outstanding loans and financial rental loans account for VND 3,164 billion. In particular, interest related to loans for nosco Victory, Hong Linh and Ngoc Son ships has not been determined because the enterprise has not received notification about the principal balance deducted after these collateral assets have been sold.
The estimated interest arising is about 20.4 billion VND out of total outstanding principal of more than 623 billion VND. OSTC said that the delay in determining interest costs has caused the 2025 semi-annual financial report to not fully reflect the debt repayment obligations.
Notably, by the end of June 2025, OSTC's equity loss was VND 5,265 billion, up from VND 5,099 billion at the beginning of the period. The accumulated loss as of the end of the second quarter of 2025 has reached VND 5,524 billion.
Difficult business has caused businesses to have no cash flow to pay due debts. The bank has auctioned OSTC's assets to recover bad debts.
Most recently, on September 18, 2025, the Bank for Agriculture and Rural Development of Vietnam (Agribank) announced the auction of the Oriental Glory (formerly known as nosco Glory) owned by OSTC. This is the second time the ship has been auctioned in less than two months.
The Oriental Glory, with a total capacity of 36,074 GT and a total displacement of 68,591 tons, was built in Japan in 2015. This is a bulk carrier with a main engine capacity of 7,634 kW, currently anchored at Phu My port, Ho Chi Minh City. According to the announcement, the starting price of the second auction was more than 123.2 billion VND, down 8% compared to the initial starting price of 145.9 billion VND, equivalent to a decrease of nearly 11.7 billion VND. The auction is scheduled to take place on October 10.
Previously, on July 29, the Hanoi Civil Judgment Enforcement Department announced the choice to auction the Oriental Glory ship with a starting price of nearly 146 billion VND but was not successful.
OSTC, formerly Thuy Bac Transport Company, was established in 1993 on the basis of converting from the Office of River Transport Corporation I. The enterprise currently has a charter capital of VND 200 billion, with three major shareholders including Vietnam Maritime Corporation holding 49%, Bao Minh Joint Stock Corporation owning 9.97% and Bac Ship Transport and Trading Joint Stock Company holding 7.55%.
