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TTA upgrades its fleet capabilities, taking delivery of two Supramax vessels - worth USD 61 million

Back Dec 22, 2010

Bangkok, 22 December 2010 - As part of its fleet renewal programme, Thoresen Thai Agencies Plc ("TTA") recently acquired two Supramax vessels from the second-hand market for USD 61 million (or Baht 1,849.52 million). Including these two vessels, Thoresen's fleet will comprise of 27 vessels, with an average capacity of 29,879 deadweight tons and an average age of 15.11 years.

M.L. Chandchutha Chandratat, TTA President & CEO, announced that TTA, through its wholly owned subsidiary Thoresen Shipping Singapore Pte. Ltd., acquired these two vessels, which have been renamed Thor Independence and Thor Infinity. "We have been searching for dry bulk vessels to replace the ones that have been or are planned for sale or scrapping. This acquisition is part of TTA's disciplined fleet renewal programme to increase our operating efficiency with younger and larger vessels in the Handysize, Handymax, and Supramax segments."

The Thor Independence (built in 2001) and Thor Infinity (built in 2002) have cargo carrying capacities of 52,407 deadweight tons and 52,383 deadweight tonnes, respectively. As sister vessels to Thor Integrity, they are well known by Thoresen's commercial and technical teams. They also become the third largest and fourth largest vessels in the dry bulk fleet after the Thor Achiever (57,015 deadweight tonnes) and Thor Friendship (53,350 deadweight tonnes). With a standard design, they can be used to carry all commodities over all key global trading routes.

"Though we are concerned about the supply of dry bulk vessels, there exists immediate demand for this type of vessel from our clients. With a proven Japanese design and construction at a respectable yard, we should be able to command premium day rates. Dry bulk shipping remains a major part of our overall business and we maintain a disciplined approach for future investments," concluded the CEO.

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 primarily invested in the dry bulk shipping and related shipping services businesses. The company has since 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, petroleum tankers through Petrolift, Inc, and ports through Baria Joint Stock Company of Service for Import Export of Agro Forestry Products and Fertilizers.

For media inquiry, please contact:
Corporate Communications Department, Thoresen Thai Agencies PLC. Tel: 02 254 8437 Ravisada Angkeeros (ravisada_a@thoresen.com) ext. 393 OR Ornsutee Kanchanomai (ornsutee_k@thoresen.com) ext. 290