The Bangkok-headquartered dry bulk operator Thoresen Shipping, part of Thoresen Thai Agencies, has managed to end 2014 with THB 257 million (USD 8m) net profit, pulling itself from a THB 129 million (USD 4m) loss the company reported in 2013.
Despite the volatile dry shipping market, Thoresen Shipping increased its annual revenue by 54% compared to 2013, to THB 7,7 billion (USD 238m).
The company says the increase was driven by newly acquired and additional chartered-in vessels, coupled with a relatively healthy dry bulk shipping industry, which resulted in higher vessel days and stronger freight revenues in 2014.
However, the company recorded a weaker net profit in the fourth quarter compared to the same period in 2013, as the anticipated rally in the dry bulk shipping market did not materialize and freight rates declined.
In 2014, Thoresen Shipping acquired six supramax vessels, expanding its fleet to 24 owned vessels.
”We are pleased with the performance from each of the companies across the group, particularly when a number of our core businesses experienced market challenges in 2014. 2015 looks like it will present on-going challenges with the oil and gas industry facing a new lower price environment and the shipping industry also facing uncertainty,” said Chalermchai Mahagitsiri, President and CEO of Thoresen Thai Agencies.