Press releases

Thoresen Shipping initiates fleet expansion; acquires Supramax class M.V. Thor Insuvi

Singapore I Incheon, Korea, 3 July 2012 Thoresen Shipping Singapore Pte. Ltd. ("Thoresen Shipping"), a leading owner and operator of dry bulk vessels, today took delivery of M.V. Thor Insuvi in Incheon, Korea. The 52,489 deadweight ton ("DWT") Supramax class vessel was built by Tsuneishi Heavy Industries in Balamban, Philippines in 2005. The vessel is the latest addition to Thoresen Shipping's increasingly standardised and efficient dry bulk fleet.

At six and a half years of age, M .V. Thor Insuvi is a younger "twin" sister of three existing Thoresen Shipping vessels, M .V. Thor Integrity and M .V. Thor Independence, both of which are 11 years old, and M.V. Thor Infinity, which is 10. All three were likewise assembled by Tsuneshi Heavy Industries to the same specifications (TESS 52 class) and will work in synergy with the newly acquired M .V. Thor Insuvi. M .V. Thor Insuvi will be flagged in Singapore, along with the rest of Thoresen Shipping's fleet.

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3 July 2012

TTA announces second quarter results: strong turnaround progress

  • Reports net loss of THB 205 million, a 63% improvement over first quarter amidst record low global freight rates
  • Losses before extraordinary items narrow by 16% year-on-year
  • Negative cash flow trend reversed with a six-month positive position of THB 964 million
  • Continuing signs of a gradual turnaround at Thoresen Shipping, improving performance at Mermaid, and strong growth from Petrolift
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Unit: Baht in Millions
Baht millions 2QFY12 2QFY11 YoY %
Revenues 3,529 4,131 -15%
Freight charges 753 1,503 -50%
Offshore services 996 1,144 -13%
Sales 1,705 1,384 23%
Costs 2,819 3,427 -18%
Gross profits 710 704 1%
SG&A 480 451 6%
EBITDA 230 253 -9%
Depreciation & Amortisation 424 542  
Other income 46 182  
Equity income 38 40  
EBIT (109) (68) 62%
Finance costs (155) (152)  
Income taxes (9) (106)  
Profits before EI (274) (326) 16%
Extraordinary items (26) 102  
Minority interests 51 93  
Forex impacts 43 12  
Net profit (205) (119) -73%

2QFY12 Consolidated Results Review : Download

16 May 2012

TTA Adjusts Dry Bulk Shipping Strategy

Thoresen Thai Agencies PCL ("TTA") today took delivery of the M.V. Thor Fortune, a brand new Supramax class dry bulk vessel. The ship, which was built by Oshima Shipbuilding Co., Ltd., was received by TTA President & CEO, M.L. Chandchutha Chandratat in Oshima, Japan, on behalf of Thor Fortune Shipping Pte. Ltd., a wholly owned subsidiary of TTA. The vessel is the latest addition to TTA's increasingly young and efficient dry bulk shipping fleet. "Taking delivery of the M.V. Thor Fortune reaffirms the Company's long-term strategy to own and operate a modern and competitive dry bulk shipping fleet," said M.L. Chandchutha. "We are actively working to lower the average age of our vessels while increasing efficiency in order to capture as much value as possible in a competitive marketplace.

24 Aug 2011

TTA adds size and efficiency to its fleet Takes delivery of brand new Supramax class vessel from Oshima

  • Appoints Ian Claxton as MD of Thoresen
  • Positions Thoresen to operate as independent, commercially viable business
  • Reorganises operations to capture growth in difficult market conditions
Thoresen Thai Agencies PCL ("TTA") today took delivery of the M.V. Thor Fortune, a brand new Supramax class dry bulk vessel. The ship, which was built by Oshima Shipbuilding Co., Ltd., was received by TTA President & CEO, M.L. Chandchutha Chandratat in Oshima, Japan, on behalf of Thor Fortune Shipping Pte. Ltd., a wholly owned subsidiary of TTA. The vessel is the latest addition to TTA's increasingly young and efficient dry bulk shipping fleet. "Taking delivery of the M.V. Thor Fortune reaffirms the Company's long-term strategy to own and operate a modern and competitive dry bulk shipping fleet," said M.L. Chandchutha. "We are actively working to lower the average age of our vessels while increasing efficiency in order to capture as much value as possible in a competitive marketplace."

24 Aug 2011

TTA Adjusts Dry Bulk Shipping Strategy

Thoresen Thai Agencies PCL ("TTA") today took delivery of the M.V. Thor Fortune, a brand new Supramax class dry bulk vessel. The ship, which was built by Oshima Shipbuilding Co., Ltd., was received by TTA President & CEO, M.L. Chandchutha Chandratat in Oshima, Japan, on behalf of Thor Fortune Shipping Pte. Ltd., a wholly owned subsidiary of TTA. The vessel is the latest addition to TTA's increasingly young and efficient dry bulk shipping fleet. "Taking delivery of the M.V. Thor Fortune reaffirms the Company's long-term strategy to own and operate a modern and competitive dry bulk shipping fleet," said M.L. Chandchutha. "We are actively working to lower the average age of our vessels while increasing efficiency in order to capture as much value as possible in a competitive marketplace.

24 Aug 2011


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For more Information

Thoresen Co (Bangkok) Ltd
10th floor Orakarn Building
26/26-27 Soi Chidlom
Ploenchit Road, Pathumwan, Bangkok 10330 Thailand
General Line: +66 2250 0569