Thoresen Shipping grows owned dry bulk shipping fleet to 20 vessels

Back Feb 19, 2014

Singapore / Karaikal, India, 19 February 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 its latest acquisition - a seven-and-a-half-year old Japanese built Supramax dry bulk vessel. The acquisition of M.V. Thor Magnhild marks the operator's twelfth Supramax vessel and expands Thoresen Shipping's increasingly efficient and standardised owned fleet to 20 vessels overall.

Concluded at an attractive market price, the acquisition expands Thoresen Shipping's fleet to an average size of 49,607 dead weight tonnes while injecting additional youth, bringing the fleet's average age down to 10.82 years.

Previously traded as M.V. Ikan Serong, the 56,000 DWT bulk carrier was built in June 2006 by Mitsui Tamano Ship Yard in Japan. The name ‘Magnhild' is derived from ancient Norse words that translate to ‘mighty' and ‘strength in battle'. The ship shares many characteristics with eight other vessels in Thoresen Shipping's fleet, including M.V. Thor Mercury, which was acquired last month.

The increased level of standardisation allows Thoresen Shipping to share a host of characteristics and equipment across its fleet, simplify the training and development process for its seafarers and gain specialisations in line with customer needs. For the first quarter of Thoresen Shipping's fiscal year ended 31 December 2013, the company's owner's expenses stood at USD 4,057 per day, significantly lower than the industry average of USD 5,121.

Mr. Ian Claxton, Managing Director, Thoresen Shipping said, "Thoresen Shipping's strategy revolves around creating maximum value for clients with specialised cargoes while also maintaining our industry-leading cost structure, which helps to facilitate profitability and in turn growth and expansion. The acquisition of M.V. Thor Magnhild gives us the opportunity to deliver on both of these metrics, as we come to market with yet another young, efficient and standardised vessel."

Thoresen Shipping took delivery M.V. Thor Magnhild in Karaikal, India on 19 February 2014 (or "today"). The vessel will commence trade loading bulk coal on 23 February 2014 in Richards Bay, South Africa, to be discharged at Gulf of Aden. After this, the vessel is expected to be positioned for trade in higher yielding Atlantic routes.