Thoresen Shipping Expands Fleet Acquires M.V. Thor Fearless at attractive rate

Back Jun 06, 2013

Singapore / Tokyo, Japan, 6 June 2013 -- Thoresen Shipping Singapore Pte. Ltd. ("Thoresen Shipping"), a leading owner and operator of dry bulk vessels and a wholly owned subsidiary of Thoresen Thai Agencies Public Company Limited ("TTA"), today announced the acquisition of a seven-year old Supramax dry bulk vessel. The acquisition of M.V. Thor Fearless expands Thoresen Shipping's owned fleet to 17 vessels and adds a ninth Supramax-class vessel to the company's fleet.

Purchased at current market rate levels, the addition of M.V. Thor Fearless follows earlier announcements of Thoresen Shipping's strategic plan to renew its fleet with efficient, modern and competitively priced assets.

Built in November 2005 by Oshima Shipbuilding Inc. ("Oshima"), in Japan, the vessel has a capacity of 54,881 deadweight tonnes ("DWT"). The addition of M.V. Thor Fearless boosts the owned fleet's average DWT to 48,629 tonnes and lowers its average age to 11.1 years. The box-shaped vessel can be used to carry all general bulk cargos as well as unitised break bulk trades such as wood pulp, windmills, steel, and pipes for Thoresen Shipping's global client base.

M.V. Thor Fearless is the third Oshima-built carrier in Thoresen Shipping's fleet, following earlier acquisitions of M.V. Thor Fortune and M.V. Thor Friendship, both new-build Supramax vessels delivered in 2011 and 2010, respectively.

Mr. Ian Claxton, Managing Director, Thoresen Shipping, spoke from Tokyo where he formally took delivery of M.V. Thor Fearless: "Today's acquisition is part of the on-going fleet renewal plan we announced last year, and shows we are delivering on our stated objective of acquiring modern and high quality vessels, while remaining responsible in a fragile recovery by not contributing unnecessarily to further tonnage oversupply. Despite the challenging environment still faced by the industry at large, we have stayed focused on increasing our commercial activities globally and creating higher cost efficiencies. We are well positioned to capitalise once the industry begins to rebound, hopefully next year. In the meantime, while vessels remain advantageously priced, we will continue to explore the market for suitable opportunities."

Thoresen Shipping is scheduled to take delivery of its 18th vessel, M.V. Thor Breeze, in early July. This 53,000 DWT Supramax-class ship is the second of two new-build vessels ordered from the Ha Long Shipbuilding Company, a subsidiary of Vinashin Group, several years ago.

About Thoresen Shipping
Thoresen Shipping is the dry bulk shipping arm of Stock Exchange of Thailand listed Thoresen Thai Agencies Public Company Limited ("TTA"). The business operates under two wholly owned subsidiaries of TTA, Thoresen Shipping Singapore Pte. Ltd. ("TSS") and Thoresen & Co., (Bangkok) Ltd. In January 2013, Thoresen Shipping opened a chartering office in Copenhagen, Denmark, to serve the needs of clients with cargos in the Atlantic and Mediterranean regions. Thoresen Shipping boasts a modern fleet of 17 owned Handymax and Supramax class vessels, comprising an effective balance of seven geared and grabbed fitted bulk carriers and 10 "open hatch box shaped hold" vessels. For more information, please visit www.thoresenshipping.com.

About TTA
Thoresen Thai Agencies Public Company Limited ("TTA") is a strategic investment holding company listed on the Stock Exchange of Thailand (TTA:TB). Its investment strategy is to grow through a balanced and diversified business portfolio of transport, energy, and infrastructure assets, both domestically and internationally. TTA's evolution away from a pure dry bulk shipping operator began in 1995 with an investment in Mermaid Maritime Public Company Limited, which has since been listed on the Singapore Stock Exchange (MMT:SP). Since then, TTA has acquired interests in fertiliser and logistics (Baconco Co., Ltd.), coal-related businesses (SKI Energy Resources Inc., Merton Group (Cyprus) Limited, and Unique Mining Services Public Company Limited), petroleum tankers (Petrolift, Inc.) and a port in Southern Vietnam (Baria Joint Stock Company of Service for Import Export of Agro Forestry Products and Fertilizers).