Thoresen Thai Agencies has been hit with big losses, prompted in part by a reality check on vessel values.
The full year loss of a reported $155m has been largely the result of a write-down in the value of its bulker fleet.
While the negative results sound like bad news for Thoresen there are high points too – the company claims that revenues have risen 13%. The good news is a result of more vessel days at Thoresen Shipping and improved performance at Mermaid Maritime.
With the hit being taken on the revised value of the fleet, it should mean the company is in better shape to move ahead – and with revenues rising, the reality check now could be a big boost for good times ahead.