ShippingWatch

Thorco isolates costly vessel ownership in separate entity

Thorco Shipping has enclosed the carrier's costly, owned fleet in a separate company - effectively splitting the carrier in two - in response to the severe crisis in the shipping industry. "We bought some ships at far too high prices," Chairman Thor Stadil tells ShippingWatch.

Thorco Shipping, which is owned by Thor and Christian Stadil along with CEO Thomas Mikkelsen, has split the carrier in two in a move that isolates the financially troubling ownership of vessels in a separate entity, Chairman Thor Stadil tells ShippingWatch in relation to the publication of Thorco Shipping A/S' 2015 annual report.

The operating profit came to USD 10.6 million while the net result ended at USD 4.8 million. However, the results only reflect the part of the business, an asset light company, which operates and administrates other owners' vessels, while the cost-intensive ownership of Thorco's vessels has been transferred into a separate company.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Norden reshuffles management and dials up growth ambitions

Norden establishes a new business structure and a new senior management team. This will entail increased growth in the carrier's tanker pool and investments in port logistics for an annual USD 20-40 million, CEO Jan Rindbo tells ShippingWatch.

Further reading

Related articles

Latest news

See all jobs