Thoresen Thai Agencies (TTA) is shifting all its dry bulk shipowning activities to Singapore. In a major restructuring TTA plans to reflag all its owned vessels to Singapore, Seatrade Asia online reports. “To establish closer ties with this community and its key decision makers, and to reap the full benefits from the shipping incentives provided by Singapore, Thoresen will base its chartering team and reflag all owned vessels in Singapore,” TTA said.
The dry bulk business will be transitioned to become a separate business unit headed up by Ian Claxton who joined TTA in July as managing director. “I am confident that under the structure being announced today, we’ll be able to steer Thoresen back towards operating profitability in what continues to be a difficult environment for the industry at large,” Claxton said.
The move will start immediately and is planned to be completed by year end. It will result in a 20% reduction in staff at TTA’s Thai operations. “While the loss of any jobs is always regrettable, this difficult decision has been taken after months of careful deliberation and consideration,” said M.L. Chandchutha Chandratat president and ceo of TTA.
The dry bulk business will be transitioned to become a separate business unit headed up by Ian Claxton who joined TTA in July as managing director. “I am confident that under the structure being announced today, we’ll be able to steer Thoresen back towards operating profitability in what continues to be a difficult environment for the industry at large,” Claxton said.
The move will start immediately and is planned to be completed by year end. It will result in a 20% reduction in staff at TTA’s Thai operations. “While the loss of any jobs is always regrettable, this difficult decision has been taken after months of careful deliberation and consideration,” said M.L. Chandchutha Chandratat president and ceo of TTA.