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Thoresen swings to quarterly profit

Thoresen Thai Agencies (TTA) and its dry bulk arm Thoresen Shipping have swung back to the black in the second quarter, benefiting from higher vessel operations and lower costs.

Lee Hong Liang, Asia Correspondent

May 14, 2014

1 Min Read
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The group TTA reported a second quarter net profit of THB253m ($7.79m), reversing from a loss of THB297m in the same period of last year. Revenue improved 33% year-on-year to THB4.9bn.

Thoresen Shipping’s profit surged to THB123m as against a loss of THB70m in the previous corresponding period, representing the unit’s strongest second quarter result in four years of operation on the back of improved revenue generation and continued control on costs. The results improvement came despit the January-March period which is typically the low season in dry bulk shipping.

The shipowner’s revenue rose 65% year-on-year to THB1.85bn, partially drive by an increased number of vessels under operation.

TTA’s subsea arm Mermaid Maritime delivered a net profit of THB98m and revenue growth of 48% to THB2.09bn.

Chalermchai Mahagitsiri, president and ceo of TTA, said” “Our transportation and energy groups have performed particularly well as a result of high utilisation rates, long contracts and strong cost management.

“A highlight of the second quarter was the strong and full support we received from our rights offer, which successfully raised THB4,173m to fund our business expansion plans.”

Since the start of this year, Thoresen Shipping has added five vessels to its fleet and opened a new office in South Africa.

“We plan to further expand our fleet to minimum of 25 vessels (up to 30 vessels) by the end of 2014, depending upon availability of suitable used vessels in the market,” he said.

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dry bulk shipping

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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