Bangkok: Thoresen Thai Agencies reported a 355% jump in second quarter profits on the back of a stronger dry bulk shipping market. TTA said net profit for the second quarter ended March 31 was Baht451m compared to Baht99m in the same period a year earlier, an increase of 355%. The company's fleet average time charter equivalent was $13,180 compared to $9,827 a year earlier. Looking ahead TTA said China's import policies remained the key driver of global dry bulk shipping markets. It warned though the underlying threat of excess newbuildings still existed, although no impact had been seen as yet. In short TTA expects current rate structures to be supported by Chinese demand for iron ore and coal. [17/05/10]
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