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Thoresen Thai looks to double dry bulk fleet by 2015

Bangkok: Thoresen Thai Agencies’ efforts to raise cash will go towards doubling its dry bulk fleet, as well as adding more rigs to subsidiary Mermaid Maritime, its ceo Chandchutha Chandratat said in an interview with Bloomberg yesterday. The aim is to raise $214m to increase the dry bulk fleet at Thailand’s number two line from 16 to 30 ships by 2015.

“We think there are good opportunities this year,” Chandchutha said. “The majority of our planned investment could happen this year” as prices are cheaper, he told Bloomberg.

Thoresen Thai is in the market for new and used vessels that are about five to eight years old, Chandchutha said.

Thoresen Thai shareholders will meet January 30 to vote on an alternative fund-raising plan after an earlier proposal to raise 9.9bn baht through a rights offering was dismissed by shareholders last month.

Chandchutha also outlined plans to add two more rigs to Singapore-listed Mermaid Maritime this year.  [24/01/13]

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