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Thoresen Shipping adds three vessels to fleet

World Coal,

Thoresen Shipping has added three more Supramax dry bulk ships to its fleet, taking the company’s capacity to more than 1.1 million deadweight tonnes (DWT).

The three vessels bring Thoresen Shipping’s fleet to a total of 23 ships, with an average age of approximately 10.58 years old and an average capacity of 50 402 DWT.

The larger fleet provides more trading options for the company’s chartering team and reduces potential ballast time.


Chalermchai Mahagitsiri, CEO of Thoresen Shipping’s parent company, commented: “We are very pleased to be able to demonstrate tangible investments that have been made possible as a result of the support shown to the company through our recent, successful rights offer.

“Growth in demand in the dry bulk trade has begun to outpace supply, and as a result freight rates have started edging upwards.

Expand fleet

“By injecting this capital into Thoresen Shipping, we are enabling the company to further expand its owned fleet, take advantage of this market recovery, and ultimately increase returns to shareholders. We will continue to look for more opportunities to continue driving growth through expansion.”

Since the start of the year, Thoresen Shipping has acquired five second hand vessels. The company will take delivery of the three new vessels between May and June 2014, at which point they will be ready for immediate operation.

Dry bulk sector

Ian Claxton, managing director of Thoresen Shipping, commented: “This is an exciting time for us. We are growing capacity, and doing so with a younger, more efficient fleet. These three newly added vessels further strengthen our ability to enhance service for our growing customer base across our ever-widening global network in the dry bulk sector.

“Our approach to fleet enhancement is driven by a focus on acquiring young second hand vessels that are immediately operational and revenue generating, while still benefitting from the efficiencies associated with new-builds.”

Cost efficient

The new vessels have the added advantage of being equipped with equipment similar to that employed elsewhere in the Thoresen Shipping fleet, enabling the company to achieve further cost efficiencies through economies of scale.

Claxton continued: “Smart and agile expansion of the fleet is one part of our strategy, and the expansion of our geographical footprint forms another important component, where we are focused on establishing new overseas offices to provide the best possible service to our growing customer base, especially those located on the high-yielding Atlantic ocean routes.”

Growth strategy

The fleet expansion forms part of Thorensen Shipping’s current growth strategy, and follows the recent announcement of the opening of an office in South Africa.

Adapted from press release by Katie Woodward

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