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TTA acquires its newest vessel, "Thor Achiever", worth Baht 1,112,625,000 million, to increase the fleet's capabilities

Back Jul 23, 2010

TTA acquires its newest vessel, "Thor Achiever", worth Baht 1,112,625,000 million, to increase the fleet's capabilities

Thoresen Thai Agencies Public Company Limited ("TTA") is opportunistically renewing its fleet by acquiring a new second hand vessel, "Thor Achiever", worth   Baht 1,112,625,000 million. The vessel was delivered on 22 July 2010.

M.L. Chandchutha Chandratat, TTA President & CEO, revealed that Thoresen Shipping Singapore Pte. Ltd. ("TSS"), a wholly owned subsidiary of TTA, acquired in the second hand markets a new vessel that has been renamed "Thor Achiever". This vessel will become the largest dry bulk vessel of TTA's fleet. "This standard-design Supramax vessel will enable TTA to upgrade its cargo services, capacity, and effectiveness in 2010 and beyond.  Dry bulk shipping remains a major part of our overall business, and we will continue to seek out opportunities to acquire modern vessels from time to time. Our dry bulk shipping investments will be made in a disciplined approach," said M.L. Chandchutha.

M.V. Thor Achiever was delivered in the beginning of 2010 by Qingshan Shipyard, in China, which is considered to be in the top tier of Chinese yards and in this particular ship, main equipment is mainly of European origin. This vessel has a 57,015 deadweight ton capacity. "Thor Achiever" can be used to carry all commodities suitable for this size of vessel, such as coal, fertilizers, and steel and can operate worldwide.

"While most of the shipping news from TTA has been related to the sales or scrapping of older vessels, we have also been actively seeking modern secondhand vessels at a good value. Our strategy is to renew our fleet with a mix of standard Handysizes, Handymaxes, and Supramaxes. The acquisition of this vessel fits into our fleet renewal strategy and comes at a reasonable price." M.L. Chandchutha added.

"Currently, including the Thor Achiever, our fleet averages 16.51 years of age and comprises 29 vessels with an average capacity of 28,617 deadweight tons.  We remain committed to our newbuild program of four more from Vietnamese and Japanese shipyards, which will be part of our overall fleet renewal process and increase operating efficiencies," M.L. Chandchutha concluded.

 

About TTA
Thoresen Thai Agencies Public Company Limited ("TTA") is a strategic investment holding company listed on the Stock Exchange of Thailand.  Its investment strategy is to grow through a balanced and diversified business portfolio of transport, energy, and infrastructure assets, both domestically and internationally.  Previously, TTA has only invested and operated in the dry bulk shipping and related shipping services business.   Then, the company has also expanded its investments into other business areas, such as offshore services through Mermaid Maritime Public Company Limited, fertilisers and logistics through Baconco Co., Ltd., coal-related businesses through Merton Group (Cyprus) Limited and Unique Mining Services Public Company Limited, and petroleum tankers through Petrolift, Inc.

 

For further information, please contact:
Thoresen Thai Agencies PLC.  
Ravisada Angkeeros or Ornsutee Kanchanomai
Tel: 02 254 8437 ext. 393 or 290
Email: ravisada_a@thoresen.com OR ornsutee_k@thoresen.com