On Thursday, the listed Thai shipping company Thoresen Thai Agencies (TTA) announced that it will open a subsidiary company in Copenhagen. The manager of the new Danish branch will be Henrik Jeremiassen who on Friday was to find in the new offices in Copenhagen. Even though, his first official day of work is not until Monday.
“The process has been very speedy”, Henrik Jeremiassen tells ShippingWatch. Two months ago he quit his managerial position with Ultrabulk and since then he has been “grassing” as he calls it, and been active in the periphery and in the practical details in connection with the establishment of the subsidiary company which will belong to the Thoresen Thai Agencies Singapore office, TTS.
“During the last couple of years, Thoresen has made some changes in the management and has adopted a more aggressive strategy and the company has been very active in Singapore. The company has chosen to open a branch in Europe as the management noticed the company lagging behind on the Atlantic market due to the time difference from Singapore and therefore it felt the need to open a local representation here”.
The choice of Denmark was probably more a question of the candidate, Henrik Jeremiassen says. He says that before the final decision of where to open the office was taken, options included Geneva and London. However, the Danish Government’s efforts to attract foreign companies to open offices in Denmark have made a difference, he thinks.
In the process, Thoresen has been in contact with the Danish Ministry of Foreign Affairs which has assisted with counsel and guidance through its embassy in Mumbai.
“This made the process significantly easier and it was also part of what helped convince the Thoresen Board that Denmark was probably the right place to open the new office”, Henrik Jeremiassen says.
Good signs in difficult market
At a time in which many dry bulk carriers are challenged by the crisis and not least the overcapacity on the oceans, the scenario is not as bad for Thoresen, Henrik Jeremiassen says. He expects the market to change over the years to come.
“We have clear expectations that the situation will change during the 12 months to come and when it does so, we will have to be ready of course. But we are already in a situation which provides us with the opportunity to make money in today’s market as we operate our tonnage with very low costs”, he says.
So far, the office consists of Henrik Jeremiassen and Andreas Rossen who is also a former Ultrabulk employee but the goal is to grow.
“We have some quite aggressive growth plans for the office meaning that if all goes well we will expand with a additional employees”, he says while recognising that the dry bulk market is not having its best time which is also a challenge when looking to establish a new business.
“One of our major challenges will be to create a business in a marked which is depressed and slow. However, we are naturally looking at the long term and here it is about being ready when the market will return”, he says.
Increasing level of knowledge
For the time being, Henrik Jeremiassen is focusing on increasing the level of knowledge of Thoresen and the newly-established office in his network and then creating the right connections. And after a long career in shipping, Henrik Jeremiassen ought to have his connections in place.
“Thereafter, we will get going on using the Atlantic market and establishing the company in the market. However, I cannot tell you exactly which segments we will target”, he says.
The competitors for Thoresen will be the other major dry bulk carriers such as Norden, Ultrabulk, Lauritzen and Clipper, Henrik Jeremiassen says.
“We will be targeting to operate in the same market and on the same conditions as our competitors”.