Thorco Chairman: More Ships and IPO

Posted by Joseph Keefe
Wednesday, June 11, 2014
Thorco Triumph (image: Thorco Shipping)

Thorco sees fleet expanding by 50 pct in coming years. Multi-purpose shipping company aims to list in Copenhagen. Drewry expects industry to pick up in next few years.

Denmark's Thorco Shipping expects to expand its fleet by 50 percent in coming years and plans to list on the Copenhagen stock exchange when industry conditions improve, its chairman said.

"It is the plan to list Thorco Shipping's shares in Copenhagen one day but the shipping market needs to be in better condition," Chairman Thor Stadil told Reuters by telephone on Wednesday.

Thorco Shipping, established 11 years ago and controlled by the Stadil family, is the world's second-biggest transporter of goods bigger than container size such as wind turbines, industrial components for oil rigs and trains. It has a fleet of 105 vessels while Germany's BBC Chartering the biggest company in the sector, has 150 vessels.

The global shipping industry has struggled since the global financial crisis in 2008 with low freight rates as a result of overcapacity in nearly all sectors of the industry. Analysts see demand for multi-purpose shipping picking up in the next few years but industry players say consolidation is needed.

Stadil said Thorco's fleet expansion plan would see it take over vessels that banks want to offload from shipping companies in financial difficulty.

"Many banks are suffering from loans to the shipping industry and they want to get rid of vessels they ... have taken over from clients that have failed," he said.

China's COSCO and Wagenborg of the Netherlands are other players in the multi-purpose, heavy-lifting sector of the industry.

Before the global financial crisis, Thorco was booking earnings of more than $20,000 per day for each ship, Stadil said. Daily freight rates for multi-purpose vessels are currently $9,000-$10,000, and Stadil said $15,000 per day was a normal level.

"Many new ships were ordered in the years ahead of the financial crisis. No one is currently ordering new ships and old ships will leave the market. It will in coming years help to create a better balance between demand and supply," Stadil said.

Thorco took over a fleet of around 40 vessels from Danish shipping company Clipper in September 2013. Small Danish player Combi Lift and BBC Chartering recently announced they would pool some of their vessels to try and boost both companies' earnings.

"A consolidation of the industry is needed," Combi Lift's chief executive, Anders Poulsen, told Reuters by telephone.

Last year was a tough one for the industry but Drewry Research forecasts demand for multi-purpose shipping will grow at an average annual rate of 5 percent over the coming years.

"However, we are only expecting modest growth in 2014 as competition from other shipping sectors will continue to eat away at market share. But we expect the sector's market share to recover through 2015/16," Drewry said in a research note.


By Ole Mikkelsen

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

GEA UV Ballast Water Treatment

Earlier this year GEA won the first contract for equipping cruise liners with its UV ballast water treatment system, BallastMaster marineX, powered by Trojan Marinex.

Horizon Delivers Second 80’ Towboat to FMT

Horizon Shipbuilding, Inc. announced the delivery of another 80’ Inland River Towboat, the M/V Chip Stiebing, to Florida Marine Transporters (FMT) of Mandeville, La.

SFL Acquires Eight Bulk Carriers from Golden Ocean

Ship Finance International Limited (SFL) has entered an agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited, the company announced today.

Legal

Truckers to Strike Four SoCal Shippers

Truckers who haul freight from the ports of Los Angeles and Long Beach will go on strike against four ground-shipment companies on Monday, a Teamsters union official said,

Maritime Tension Dominates Southeast Asia Summit

Southeast Asian leaders edged closer to open criticism of China's land reclamation in the disputed South China Sea at a regional summit on Monday, as the Philippines

PSA Commissions new Dammam Terminal

Saudi Global Ports LLC (SGP), a joint-venture company formed between the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia and PSA International (PSA)

Shipbuilding

SENER Debuts Latest FORAN Release

At  Sinaval-Eurofishing in Bilbao, Spain, Sener will present enhancements in the shipbuilding CAD/CAM system FORAN, in all disciplines (forms, naval architecture and general arrangement,

BHGI-designed ATB Unit Under Construction

Bristol Harbor Group, Inc. (BHGI) informs it is currently completing the detail design phase of a 399’ x 74’ x 30’ 80,000 BBL double hull oil tank barge and a 120’

Scorpio Bulkers Sells Three Newbuilds for $111m

Scorpio Bulkers Inc. announced that it has entered into agreements to sell three newbuild dry bulk vessels, including two Capesize ships and an Ultramax ship, for

Ship Sales

Scorpio Bulkers Sells Three Newbuilds for $111m

Scorpio Bulkers Inc. announced that it has entered into agreements to sell three newbuild dry bulk vessels, including two Capesize ships and an Ultramax ship, for

SFL Acquires Eight Bulk Carriers from Golden Ocean

Ship Finance International Limited (SFL) has entered an agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited, the company announced today.

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Finance

US Designates Three Marine Highway Projects

U.S. Transportation Secretary Anthony Foxx has designated three new Marine Highway Projects.   The Mississippi and Illinois Rivers, previously designated as the M-55 and M-35,

Baltic Index Flat on Muted Shipping Activity

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained flat on Monday on muted shipping activity.   The overall index,

Milaha Reports Improved Net Profit for Q1

Qatar Navigation (Milaha) Q.S.C. has announced its financial results for the three months ended March 31, 2015, in which it reported operating revenues of QR 786 million vs.

RoRo

VT Halter Powers Ahead

If you drive just south of I-10 in Pascagoula, Miss., within 10 minutes you find yourself on the doorstep of VT Halter Marine, arguably one of the more diverse and active shipyards in the U.

Post Panamax Car Carrier Enters Operation for WWL

Wallenius Wilhelmsen Logistics welcomed into operation the M/V Thermopylae, the first of its new generation of Post Panamax HERO (High Efficiency RoRo) PCTC vessels.

Kalmar RoRo forklifts for Messina Line

Kalmar, part of Cargotec, has clinched a further order to supply seven new Kalmar DCE330-RORO units to the leading Italian shipping firm Messina Line (Ignazio Messina & C S.

Mergers & Acquisitions

PSA Commissions new Dammam Terminal

Saudi Global Ports LLC (SGP), a joint-venture company formed between the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia and PSA International (PSA)

Golden Ocean Reshuffles Fleet, Delays Newbuilds

Golden Ocean Group Limited has entered into several agreements concerning its fleet. Golden Ocean has agreed with Ship Finance International Ltd ("Ship Finance")

5th Floating Accommodation for Lerwick

A further accommodation ship, Ocean Atlantic, is due at Lerwick on Monday 27 April 2015 and is on its way from Portland in Dorset. As with the other floating accommodation at the port,

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1996 sec (5 req/sec)