Thorco sells off old ships

The shipping company Thorco is selling off its old ships and expecting a positive result for 2012. The balance sheet for 2011 shows an increasing turnover but a negative result, which according to Thorco is due to its older ships and failed takeovers. The deficit is expected to be eradicated this year, now that the ailing part of the business has been sold off.  

Photo: Liv Høybye

The shipping company Thorco has submitted its accounts for 2011. The turnover for the company, which presides over a fleet of about 50 multi-purpose ships, has increased from $97 million in 2010 to $150 million in 2011. However, last year’s result also includes a deficit of $10 million compared to a positive $2.4 million surplus in 2010.  

The company’s growth in turnover is largely due to the bankruptcies of its competitors:

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