TTA's investment in Unique Mining Services (UMS) continues to face difficult operating conditions stemming from a local government order to close one of its two plants due to environmental issues.
The third quarter loss ran against a net profit of THB332m in the same period of 2011. It was also a deeper loss compared to a net loss of THB205m in the second quarter this year.
Revenue for the quarter stood at THB4.81bn, a 10% year-on-year improvement.
The relatively higher revenue came as a result of higher freight rates, reaped from positioning a greater proportion of Thoresen Shipping's fleet in more profitable north Atlantic routes as well as chartering in additional tonnage, resulting in a full time fleet equivalent of 21 vessels in the third quarter, compared to 16 in the previous quarter.
“The fact that Thoresen Shipping delivered a marginal profit in a quarter which saw the second lowest Baltic Dry Index average in nearly six years is testament to the efforts of the team in finding ways to maximise revenues while keeping a close check on operating and maintenance costs,” said David Ames, executive vice president, group transport, at TTA.
“Going forward, we will focus on our fleet renewal plan, which looks to boost Thoresen Shipping's owned fleet from 16 today, to up to 24-30 vessels by 2015.”
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