Netprofit surged to THB 123m ($3.8m) from a loss of THB 70m a year ago despite the January-Marchperiod typically being low season in the dry bulk sector.
Thoresen said theperformance was “the strongest second quarter result in four years of operation,on the back of improved revenue generation and continued control on costs.”
Revenue increased 65% year-on-year to THB 1.8bn partiallydriven by an increased number of vessels under operation.
Lowerdepreciation expenses resulting from impairments performed during the fourthquarter of 2013 helped to boost the latest quarter.
Thoresensaid its fleet achieved timecharter equivalent (TCE) rates of $10,528 per daycompared to $8,651 a year ago, a 22% improvement.
Dailyoperating expenses averaged $3,962 per ship, which Thoresen said was “wellbelow the industry average of $5,121 per day”.
In additional total costs were also reduced, by 8% year-on-year,to $8,745 per day compared to $9,511 per day during the same period in 2013.
“Wehave added five vessels to our fleet since the beginning of 2014 and haveopened a new office in South Africa, to better serve the needs of ourcustomers,” said Chalermchai Mahagitsiri, chief executive of parent companyThoresen Thai Agencies
“We plan to further expand our fleet to minimumof 25 vessels (up to 30 vessels) by the end of 2014, depending upon theavailability of suitable used vessels in the market.”
Earlierthis week Thoresenwas being linked with the acquisition of Japanese-built bulker for a reportedprice of $22m.
It is said to have boughtthe 56,000-dwt Orient Rose (Built 2006) from OMC Shipping, according to shipbrokerreports.
