Depending on market conditions, opportunities and timing, Thoresen Thai Agencies (TTA) plans to fund the purchase of up to 15 Supramax class vessels, either brand new or second hand (not older than eight years). In 2008, a five year old Supramax vessel traded above US$ 70 million, while the average price over the last 10 years has stood at around US$ 30 million.
Today, there are already opportunities to pick up high-quality, modern, efficient second-hand vessels below US$ 20 million, as evidenced by Thoresen Shipping’s most recent purchase of the Thor Insuvi for US$ 19.2 million. As freight rates remain low during the next 12 months, asset prices are expected to decrease even further and bottom out in 2013 before a gradual pick-up in 2014.
Thoresen Shipping, which currently operates a fleet of 16 owned vessels, charters in additional tonnage to meet growing customer demand. The business, which already has one of the most streamlined operating cost structures in the industry, expects the purchase of additional tonnage to reap significant added benefits.
Press Release, October 31, 2012; Image: thoresenshipping