Thorco Shipping turns deficit into profit

Shipping company Thorco Shipping, owned by the Danish Stadil family, turned a deficit in 2011 into a profit in 2012, and the company expects to keep growing while strengthening its fleet of 50 ships.

Thorco Shipping increased its revenue and profits from 2011 to 2012, leading management to express its satisfaction with the developments of the Svendborg-based company that handles shipping and forwarding, according to the shipping company's annual report.

Revenues increased from USD 150 million in 2011 to USD 193 million in 2012. And while the result for 2011 was a USD 790,000 deficit, Thorco Shipping managed to turn it around, to a profit of USD 321,000 in 2012. The company's management says the shipping industry is difficult, thought it believes the company did as well as possible.

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