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Top management change for TTA, impairment on bulk fleet

Top management change for TTA, impairment on bulk fleet
There is change at the top for Thoresen Thai Agencies (TTA) as both the ceo and cfo resign, at the same time as it reveals a $150m impairment on its dry bulk shipping fleet.

ML Chandchutha Chandratat is resigning as president and ceo of the Thai shipping company and Thitima Rungkwansiriroj’s is leaving the post of executive vice president, corporate finance and accounting (cfo).

Taking over at the helm as president and ceo is Chalermchai Mahagitsiri, currently executive vice chairman of TTA, and moving into the role of cfo is Krailuck Asawachatroj, currently executive vice president of corporate strategy.

“ML Chandchutha Chandratat has guided TTA since 2005, shaping the Company’s strategy, direction and evolution from a pure shipping company to a conglomerate with investments across a diversified set of businesses in Thailand and beyond,” saidPrasert Bunsumpun, chairman of TTA’s board of directors.

TTA also announced it was taking a $150m impairment against its dry bulk shipping fleet owned by Thoresen Shipping Singapore.

“A further $5.6m impairment was taken on an indirect investment in an Indonesian coal mine and a THB530m ($16.9m) writedown against in relation to its investment in Unique Mining Services.

“Although we did not plan on any additional significant impairment this past year, the dry bulk shipping industry did not rebound as per market or our expectations, while our local coal operations continue to face challenges that we felt needed to be reflected in our financial statements,” said Chandratat.

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