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Thoresen Shipping adds M.V. Thor Mercury to growing dry bulk shipping fleet

Back Jan 21, 2014

Singapore, 21 January 2014 -- Thoresen Shipping Singapore Pte. Ltd. (“Thoresen Shipping”), a leading owner and operator of dry bulk vessels and a wholly owned subsidiary of Thoresen Thai Agency Agencies Public Company Limited (“TTA”), today announced that it has acquired an eight-year old Supramax dry bulk vessel. The acquisition of M.V. Thor Mercury expands Thoresen Shipping’s owned fleet to 19 vessels and adds an eleventh Supramax-class vessel to the company’s fleet.

Concluded at an attractive price below USD 20 million, the acquisition of this young and efficient vessel grows Thoresen Shipping’s fleet to an average size of 49,269 dead weight tonnes (“DWT”) while lowering its average age to 10.9 years.

Previously traded as M.V. Medi Chennai, the 55,862 DWT vessel was built in October 2005 by Kawasaki Shipbuilding Corporation (“Kawasaki”) in Japan. It is the eighth vessel of its kind in Thoresen Shipping’s fleet, sharing a host of characteristics and equipment with M.V. Thor Insuvi, M.V. Thor Fearless, M.V. Thor Friendship, M.V. Thor Fortune, M.V. Thor Independence, M.V. Thor Integrity and M.V. Thor Infinity. Like its sister vessels, it can be used to carry all general bulk cargos.

Mr. Ian Claxton, Managing Director, Thoresen Shipping said, “The acquisition of M.V. Thor Mercury marks Thoresen Shipping’s fifth purchase since our fleet renewal plan was kicked off 18 months ago. This newest addition to our increasingly standardised and efficient fleet once again allows us to benefit from economies of scale through enhanced operating efficiencies and an increasingly specialised level of expertise within our market segment.“

As demand growth in the dry bulk trade begins to outpace supply, freight rates are expected to start edging upwards, which is also likely to boost the prices of second hand and new-build vessels. We are thrilled to have added such a high quality asset at an attractive market price, and will look for further opportunities to continue our fleet expansion through the remainder of the year.”

Thoresen Shipping took delivery M.V. Thor Mercury in China on 20 January and plans to trade the vessel in Mediterranean and Atlantic routes, coordinated through its European chartering office in Copenhagen, Denmark.

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