Thoresen Shipping

Bangkok-listed Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping acquired 2016 built ultramax bulk carrier 61K DWT MV Thor Nitnirund (ex MV SBI Tethys) for around $18 million from New York-listed Scorpio Bulkers. After the acquisition of MV Thor Nitnirund (ex MV SBI Tethys), Thoresen Shipping Singapore Pte Ltd increased the controlled fleet to 24 bulk carriers. In December 2020, Thoresen Shipping Singapore Pte Ltd acquired a 2016 built ultramax bulk carrier 61K DWT MV Thor Niramit (ex MV SBI Hyperion) from Scorpio Bulkers for around $17million. Thailand-based shipowner and operator Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping had a relatively quiet 2020 in the sale-and-purchase (S&P) market only picking up one other secondhand bulk carrier. In April 2020, Thoresen Shipping Singapore Pte Ltd returned to the sale-and-purchase (S&P) market after a two-year absence. Thoresen Shipping Singapore acquired 2013 built supramax bulk carrier 58K DWT MV Thor Chaichana (ex MV Draco Ocean) for around $14 million from Diamond Bulk Carriers. 23-January-2020

 

Thoresen Shipping, which is part of the Thoresen Thai Agencies (TTA), reported a profit of THB 234 million ($7.8 million) for the Q3 2019. Thoresen Thai Agencies subsidiary Thoresen Shipping has been pleased to achieve strong results in Q3 2019. Thoresen Shipping has maintained growth and outstanding performance. In Q3 2019, Thoresen Shipping reported a revenue of THB 1.78 billion. Currently, Bangkok-listed Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping controls a fleet of 21 supramax bulk carriers. Thoresen Shipping reported an average TCE (Time Charter Equivalent) of $12,180 per day during Q3 2019. In Q3 2019, the Baltic Supramax Index TCE (Time Charter Equivalent) rate was $11,886 per day. Singapore-based Thoresen Shipping contributed 46% of the Bangkok-listed Thoresen Thai Agencies (TTA) group’s consolidated revenues in Q3 2019. 15-November-2019

 

Bangkok-listed Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping reported a net income of THB 87 million ($2.8 million) in Q1 2019 versus the THB 166 million in Q1 2018. In Q1 2019, Thoresen Shipping reported a 65% decline in net profit. A surge in Q1 2019 revenue could not help Thoresen Shipping. Thoresen Shipping reported revenue of THB 1.7 billion, but this revenue was partially offset by operating expenses of THB 1.4 billion. In Q1 2019, Thoresen Thai Agencies subsidiary Thoresen Shipping reported an average TCE (Time Charter Equivalent) of $9,024 per day. According to Thoresen Shipping, dry bulk freight rates declined due to the US-China trade dispute, cyclone in Australia ,and Lunar New Year celebration. In Q1 2019, Thoresen Shipping operated an average of 41 bulk carriers. Currently, Bangkok-listed Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping has an owned fleet of 21 bulk carriers. 13-May-2019

 

Bangkok-listed Thoresen Thai Agencies’ sister company Thoresen Shipping has been negotiating to acquire a modern bulk carrier. Thoresen Shipping is planning to acquire 2014 built 63K DWT MV Western Santos for around $18 million. MV Western Santos was built at Jiangsu Hantong Ship Heavy Industry. MV Western Santos has been controlled by Japan’s Nisshin Shipping since 2014. Thoresen Shipping’s parent company Thoresen Thai Agencies is listed with 21 bulk carriers with an average age of 12 years. In 2018, Thoresen Thai Agencies acquired 2008 built supramax sisterships MV Thor Caliber (ex MV Albion) for around $14 million and MV Thor Chaiyo (ex MV Maritime Unity) for $14 million. In 2018, Thoresen Thai Agencies scrapped 1995 built bulk carriers MV Thor Enterprise for around $6 million and MV Thor Endeavour for around $4 million. 28-April-2019

 

Bangkok-listed Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping has reported a net income of THB 85 million ($2.7 million) in Q2 2019 versus the THB 270 million in Q2 2018. In other words, Thoresen Shipping sees net profit shrink by almost 70% due to the decline in dry bulk freight rates. Thoresen Shipping optimistic that dry bulk freight rates will improve. Due to Thoresen Shipping’s expanded chartered-in bulk carriers, freight revenues for the Q2 2019 were increased to THB 1.4 billion. In Q2 2019, Thoresen Shipping reported average TCE (Time Charter Equivalent) fall to $9,385 per day per ship. According to Bangkok-listed Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping, BDI (Baltic Dry Index) is expected to continue in an upward trend. Dry bulk shipping analysts expect a gradual re-balance of fundamentals in the dry bulk sector. Dry bulk shipping supply growth is assumed to be limited by the approaching IMO (International Maritime Organization) 2020 sulfur regulations. Currently, Thoresen Shipping controls 21 bulk carriers. 12-August-2019

 

Thailand based shipowner and operator Thoresen Thai Agencies (TTA) sold 1995 handymax dry bulk carrier 45K DWT MV Asian Enterprise (ex MV Thor Enterprise) to an Indian shipowner $5.6 million. Indian shipowner and operator Hermes Maritime Service acquired MV Asian Enterprise (ex MV Thor Enterprise). After-sale of this handymax, Thailand based shipowner and operator Thoresen Thai Agencies (TTA) has a fleet of 21 ships of an average age of 11 years. Currently,  vintage dry bulk carriers are becoming less competitive and cannot meet operating costs. Mumbai based Hermes Maritime Service has 3 dry bulk carriers, 1 container-ship, and 1 anchor-handler in its fleet. 25-August-2018

 

Thailand based shipowner and operator Thoresen Shipping sold 1995 built handymax dry bulk carrier 45K DWT MV Thor Endeavour for further trading for around $4 million. In 2005, Thoresen Shipping bought Japanese built MV Thor Endeavour from Greek shipowner Elmira Shipping and Trading for around $26 million. Thailand based shipowner and operator Thoresen Shipping used the ship during the boom years. Thoresen Shipping has a fleet of 20 dry bulk carriers. MV Thor Endeavour price tag is in line with prevailing dry bulk shipping conditions. Older ships become less competitive and less able to meet operating costs. A few weeks ago, Thailand based shipowner and operator Thoresen Shipping acquired 2008 built supramax dry bulk carrier 58K DWT MV Albion (built 2008) for around $14 million. 26-February-2018

 

Thailand based shipowner and operator Thoresen Shipping confirmed the acquisition of 2009 built supramax dry bulk carrier 58K DWT M/V Thor Courage (ex M/V Songa Marlin) from Songa Bulk for around $14 million. Including the latest purchase Thai ship owner and operator Thoresen Shipping’s fleet reached to 22 ships. In 2016, Norwegian shipowner and operator Songa Shipping bought M/V Thor Courage (ex M/V Songa Marlin) for around $12 million. Beginning of 2017, Thoresen Shipping acquired 2008 built supramax dry bulk carrier 58K DWT M/V Crystal Palace and 2006 built supramax dry bulk carrier 54K DWT M/V Karaweik. 20-October-2017

 

Thoresen Thai Agencies subsidiary Thoresen Shipping acquired 2008 built supramax dry bulk carrier 58K DWT M/V Thor Confidence (ex M/V Crystal Palace) from Japanese shipowner and operator Santoku Senpaku for $13 million. Bangkok based Thoresen Thai Agencies subsidiary Thoresen Shipping has a fleet of 21 dry bulk carriers. 16-July-2017

 

Thoresen Shipping acquired 2006 Japanese built supramax dry bulk carrier 54K DWT M/V Karaweik for around $8 million. CEO Chalermchai Mahagitsir of Thoresen Shipping explained that M/V Karaweik delivered last week. Thoresen Shipping has fleet 26 dry bulk carriers and average daily time charter equivalent (TCE) rate of $7,015 on Q1 2017. 25-May-2017

 

Thailand based Thoresen Shipping sold 2002 built handymax dry bulk carrier 47K DWT M/V Thor Harmony to Murali Maritime for around $4 million. In 2004, Thoresen Shipping bought M/V Thor Harmony from Fairmonth Shipping for around $30 million. Thailand based Thoresen Shipping has a fleet of 19 dry bulk carriers. 23-April-2017

 

Thailand based Thoresen Shipping has reported a net loss of $5.6 million in the Q2 2016. Even though BDI (Baltic Dry Index) has rebounded. Thoresen Shipping’s revenue was down 34% from 2015. Baltic Dry Index increased because of global coal and grain trade. Thailand based Thoresen Shipping’s fleet consists of mostly supramax bulk carriers with daily average time charter equivalent rate of $5,079 per day. Currently, Thoresen Shipping has 21 ships in the fleet. 11-August-2016