Thorco's shipowning ended in bankruptcies and million-dollar claims

Thorco bought a lot of ships from its rivals after the financial crisis. But the market never recovered, and now the gamble has resulted in bankruptcies, large claims and a loss of DKK 1 billion. There was no other way out, says Thor Stadil, who has stepped down as chairman.

Thor Stadil thought he had spotted a golden opportunity when many vessels suddenly appeared on the market at low prices in the years following the financial crisis.

Contrary to most of its competitors the Stadil family’s shipping company Thorco had money to spend when the special cargo market collapsed around 2009, and the company quickly snapped up several ships from its rivals. The hope was to cash in on the vessels when the market rebounded.

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