Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Thoresen Shipping reports Q2 loss of $5.6m

Thoresen Shipping reports Q2 loss of $5.6m
Bangkok-based Thoresen Shipping has concluded its second quarter results with a loss amid the weak dry bulk shipping market.

The bulk shipping arm of Thoresen Thai Agencies (TTA) reported a quarterly loss of THB196.2m ($5.6m), representing a 90% fall compared to the same period of last year.

Thoresen Shipping said its average time charter equivalent rate in the second quarter was at $5,079 per day, a decline of 19% year-on-year. The company’s owned fleet utilisation rate remained high at 100% despite the weak market condition.

During the second quarter, the company sent the 39,042-dwt Thor Wave and the 39,087-dwt Thor Wind for scrap as part of its overall drive to raise fleet efficiency and for renewal.

As at end-June 2016, Thoresen Shipping owned 21 vessels with an average size of 52,078 dwt and an average age of 11.6 years.

Chalermchai Mahagitsiri, president and ceo of TTA, said: “For dry bulk operator Thoresen Shipping, revenues and EBITDA edged up slightly from first quarter 2016.”

However, he added that the shipping sector continue to remain sluggish in view of the weak Baltic Dry Index (BDI).