Thor Mercury addition sees Thoresen Shipping fleet rising

Singapore: Thoresen Shipping Singapore, an owner and operator of dry bulk vessels and a wholly owned subsidiary of Thoresen Thai Agencies, has acquired an eight-year old supramax dry bulk vessel. The acquisition of M.V.Thor Mercury expands Thoresen Shipping’s owned fleet to 19 vessels and adds an eleventh supramax-class vessel to the company’s fleet. The Japanese built 55,862 dwt ship was bought for less than $20m, something Thoresen described as “an attractive price”.

Ian Claxton, managing director of Thoresen Shipping, said, “The acquisition of M.V. Thor Mercury marks Thoresen Shipping’s fifth purchase since our fleet renewal plan was kicked off 18 months ago. This newest addition to our increasingly standardised and efficient fleet once again allows us to benefit from economies of scale through enhanced operating efficiencies and an increasingly specialised level of expertise within our market segment.

“As demand growth in the dry bulk trade begins to outpace supply, freight rates are expected to start edging upwards, which is also likely to boost the prices of second hand and new-build vessels. We are thrilled to have added such a high quality asset at an attractive market price, and will look for further opportunities to continue our fleet expansion through the remainder of the year.”

Thoresen Shipping took delivery M.V. Thor Mercury in China on 20 January and plans to trade the vessel in Mediterranean and Atlantic routes, coordinated through its European chartering office in Copenhagen.  [21/01/14]

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