TTA bounced back into the black from a THB122m net loss in the third quarter of FY2013 ended 30 June 2013. Revenues were up 12% year-on-year at THB5.3bn for the third quarter ended 30 June 2014.
Thoresen Shipping Singapore reported a THB79m third quarter profit despite the dry bulk market weakening from April – June due to the Indonesian ban of nickel and bauxite ore and “significant” delays in the South American grain season. “However, Thoresen Shipping’s Time Charter Equivalent (TCE) still improved 10% year-on-year, as a result of effective cost management and operational strengths,” the company said.
The company operated an average of 38.8 vessels in the period compared to 27.7 vessels in the corresponding period a year earlier.
Expansion is on the cards for the dry bulk shipping division.
Chalermchai Mahagitsiri, TTA president and ceo said: “In addition to its strategy to rebuild and modernise its fleet at the bottom of the asset cycle to capitalise on potential upturn of the industry and achieve significant long-term competitive advantages, Thoresen Shipping plans to expand its commercial footprint into selected areas in response to growing demand of their customers in Atlantic Ocean.”
TTA’s offshore marine company Mermaid Maritime had its best third quarter ever reporting a net profit of THB241m.
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