TTA Announces Senior Executive Appointment for Dry Bulk Shipping Business

Back Feb 23, 2010

(Bangkok, 23 February 2010), Thoresen Thai Agencies PLC ("TTA"), Thailand' leading public company with a diversified portfolio in transport, energy, and infrastructure, announced the appointment of Mr. Ragner Nielsen as Managing Director of Thoresen & Company (Bangkok) Limited ("TCB").

Mr. Nielsen's primary focus will be to drive the further strategic and commercial development of Thoresen's overall shipping operations, and execute major project implementation within the shipping company, including fleet renewal.  He will take up his new position on 1 March 2010.

Mr. Nielsen joins Thoresen from Masterbulk Pte. Ltd. where he has served as President & CEO for the last 15 years. The new managing director has more than 30 years of tanker & dry-cargo chartering and operations experience with various companies in Norway such as Hilmar Reksten, Ugland Group, Brovig Group and President of AS Billabong (1981-1990), one of the partners of Star Shipping AS.  He developed safety and quality management systems for Kristian Gerhard Jebsen Skibsrederi and Gearbulk.  He is a board member and committee member in many associations including the Singapore Shipping Association Council, Norwegian Hull Club, Det Norske Veritas South East Asia Committee, and Westfal-Larsen Shipping AS.

Mr. David Ames, TTA's Executive Vice President, Transport Group, said:
"I am thrilled to add a true veteran of Ragner's international stature to Thoresen's shipping team.  His experience and talents will elevate our credentials and expand our client relationships."

"Against the backdrop of a competitive environment and market challenges, we are confident that Ragner's tremendous depth and experience in the shipping industry will add new dimension to Thoresen's business," said Mr. Ames.

TCB is the largest Thai-owned, Thai-operated shipping company with a proud track record of 106 years. Its shipping service network links the globe on the strength of a fleet of both Handysize and Handymax dry bulk vessels to serve a variety of freight markets, such as iron ore, coal, grains, cement, fertilizer, finished steel, and products derived from forest resources.

The Transport Group within TTA comprises of Thoresen's shipping interests specializing in world-wide bulk cargo transport along with a number of companies providing shipping related services.

TTA currently owns a fleet of 34 vessels. The company took delivery of its first new-build vessel, the Thor Friendship, from the Japanese Oshima Shipyard in January 2010 as part of its broader fleet renewal strategy. TTA will take delivery of four more new-build vessels over the next 20 months from Vietnamese and Japanese shipyards. Apart from the new fleet, TTA is actively seeking good-value secondhand vessels to maximize total returns to its shareholders and provide international standard services to its clients.   


About TTA
Thoresen Thai Agencies plc (TTA) is amongst the top 50 companies listed on the Stock Exchange of Thailand.  Its investment strategy is to grow through a diversified business portfolio of transport, energy, and infrastructure assets, both domestically and internationally.  TTA is recognised as a leader in the dry bulk shipping industry.  The company has also expanded its investment into other business areas, such as offshore services through Mermaid Maritime Public Company Limited, fertilizers and logistics through Baconco Co., Ltd., and coal-related businesses through Merton Group (Cyprus) Limited and Unique Mining Services Public Company Limited.


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