Thailand’s second-largest shipping line is set to add extra toppings to its bottom line with news that Thoresen Thai Agencies is diversifying to take over the Pizza Hut franchise in the kingdom.
PH Capital, a 70% owned subsidiary of TTA, is buying the franchise in the next quarter. In its annual report, TTA, which as well as shipping and offshore has a sizeable fertilizer business, said it would continue to look at diversification amid the protracted slump in shipping rates.
On the shipping market outlook, TTA noted: “There is some sense within the industry that vessel supply and shipping demand may be headed for a better balance in 2017, although the timing of any improvement remains indeterminate. Thus, without any clear signs of recovery in sight, TTA will invest with great caution and augment risk management.”