ShippingWatch

Thorco Shipping has not impaired fleet in two years

"I couldn't care less what others are doing," Thorco Shipping chairman Thor Stadil tells ShippingWatch when explaining why the carrier has performed no fleet impairments in the past two fiscal years.

For the past two years and unlike most other players in the shipping industry, Thorco Shipping - which is controlled by Thor and Christian Stadil - has made zero fleet asset value impairments to correspond with the current market values. Impairments that would have had a negative effect and which would have lessened the carrier's result and equity.

This lack of impairment on asset values made the company's accountants at PricewaterhouseCoopers note a precaution on the carrier's pricing of its fleet in the annual report 2013, as the company's vessels were listed at book values exceeding the so-called recoverable amount.

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