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Thoresen Thai suffers first quarterly loss in seven years

Bangkok: Thoresen Thai Agencies, the shipping company, fell 2 per cent in Bangkok yesterday to Bt24.5 after reporting a net loss of Bt65m in the last quarter to December. This was TTA's first quarterly loss in seven years.
The country's largest dry-bulk carrier posted a net loss of 65 million baht (0.09 baht per share) in the three months to December 31, the first quarter of its 2010 fiscal year, according to its statement to the Stock Exchange of Thailand.
TTA in the December quarter also sold three ageing ships out of its 36-vessel fleet, resulting in lower shipping capacity. Two more ships have been sold in the current quarter while it received one new vessel in January, bringing the total fleet to 32.
For this year, TTA expects the BDI to pick up and slowly recover after Chinese New Year due to restocking activities. The index was down 5.3% in the past week to 2,571.
The BDI is projected to stay steady for the rest of the year as China remains the major driving force behind rising demand for dry bulk capacity.
"We fear the BDI is likely be capped by newly-built vessel deliveries, which have accelerated in past months. We expect positive double-digit net growth of vessel supply over the next year or two," the statement added.  [16/02/10]


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