Thoresen Thai Agencies (TTA) posted higher net profit for its third-quarter as it benefitted from improved time charter rates from its dry bulk shipping fleet, Seatrade Asia online reports. Third-quarter net profit rose to THB324.45m ($10.86m) compared to THB138.11m in the same quarter of last year, the Bangkok-listed firm revealed.
Revenue for the quarter, however, dipped to THB4.38bn compared to THB4.54bn a year ago.
TTA acknowledged contributions from its reconfigured dry bulk fleet as well as contributions from its diversified businesses into petroleum tankering and coal mining.
While the company managed to attain slight improvement operationally quarter-on-quarter, it has not reached breakeven from a pure operations basis.
“BDI remains weak, falling 58% from an average of 3,307 points in the third-quarter of financial year 2010 to 1,379 points in the third-quarter of financial year 2011,” TTA said.
“The time charter equivalent improvement, outperforming the BDI, is attributable to generally larger and more modern vessels in the fleet and positive contribution from chartered-in vessels.”
As at 30 June 2011, TTA owns a fleet of 18 dry bulk vessels with an average size of 37,107 dwt per vessel and an average age of 11.5 years old.
Revenue for the quarter, however, dipped to THB4.38bn compared to THB4.54bn a year ago.
TTA acknowledged contributions from its reconfigured dry bulk fleet as well as contributions from its diversified businesses into petroleum tankering and coal mining.
While the company managed to attain slight improvement operationally quarter-on-quarter, it has not reached breakeven from a pure operations basis.
“BDI remains weak, falling 58% from an average of 3,307 points in the third-quarter of financial year 2010 to 1,379 points in the third-quarter of financial year 2011,” TTA said.
“The time charter equivalent improvement, outperforming the BDI, is attributable to generally larger and more modern vessels in the fleet and positive contribution from chartered-in vessels.”
As at 30 June 2011, TTA owns a fleet of 18 dry bulk vessels with an average size of 37,107 dwt per vessel and an average age of 11.5 years old.