A part of Watch Media

ShippingWatchTuesday7 February 2023

  • Search
  • Log in
  • Carriers
  • Logistics
  • Regulation
  • Suppliers
  • Search
  • Log in
  • Latest
  • Search
  • Log in
  • Carriers
  • Logistics
  • Regulation
  • Suppliers
  • Offshore
  • Ports
21/06/2013at 10:24

Customers return to Torm in Asia

Following an extensive restructuring process at Torm, customers are now beginning to trust the shipping company again, which is something that can be clearly felt at Torm Asia, says Head of Bulk at Torm Asia's Pacific Division to ShippingWatch.
BY LOUISE VOGDRUP-SCHMIDT

Torm's office in Singapore has been facing two challenges for its dry bulk division in recent years. One challenge for the company was similar to that of all dry bulk shipping companies, namely that the bulk market has been pretty low and unstable, to put it mildly. The other challenge has been specifically related to Torm and the changes to its ownership and finances, which led to an extensive restructuring process last year.

Do you want to be kept up to date with the latest developments in Danish and International shipping? Subscribe to our newsletter – first 40 days are free

The first problem is still a condition of the market, the other has been solved, says Michael Bonderup, Head of Bulk at Torm's Singapore office, which covers the Asia-Pacific region.

"In relation to the restructuring process Torm went through late last year, I think it's great and really nice to see that our customers are coming back. They've expressed that they're pleased with our way of doing business. This means that we can continue the developments and continue to expand our customer portfolio. I think that's a great result," he tells ShippingWatch.

A bigger piece of the pie

The plan is for Torm to secure an even bigger piece of the Asian dry bulk market in the years to come, which will be done by constantly trying to "develop the customer portfolio even further."

"We would very much like to be in good position so that, when the market returns, we'll have built a customer portfolio that can join the rebound," says Michael Bonderup.

As for the other challenge - the dry bulk market itself - Torm is hopeful here as well.

"Asia is the driving factor in what will make the dry bulk market turn around in the long term. We're part of that development, and we expect that things such as the increasing demand for coal from India and China in the coming years will help pull the dry bulk carriers out of the slump we've been stuck in," says Michael Bonderup, adding:

"I believe we're already in the midst of a development that will continue in the time to come, with subtle signs that positive things will happen. But whether we're talking one year into the future or five, that I can't say. We're clearly of the opinion that the demand side looks sounds, but how the market develops still depends completely on how many ships are being ordered and delivered."

Torm has been present in Singapore since 2003, and the bulk division there currently handles both forwarding, operations, and port captaining functions.

Do you want to be kept up to date with the latest developments in Danish and International shipping? Subscribe to our newsletter – first 40 days are free

Torm terminates ADR program and delists in the U.S.

Dry bulk moving in the right direction

Torm CEO: We're on the right track 

Related articles:

  • Torm terminates ADR program and delists in the U.S.

    For subscribers

  • Photo: Stena Bulk

    Dry bulk moving in the right direction

    For subscribers

  • Torm CEO: We're on the right track

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

!
Newsletter terms

Front page now

Foto: Ints Kalnins/Reuters/Ritzau Scanpix
Carriers

Oil prices extend gains following earthquake and Chinese demand rebound

Saudi Arabia raised oil prices on Asian markets for the first time in six months, expecting higher demand especially from China.
  • Oil set for monthly drop as Chinese demand, Fed meeting in focus
Arkivbillede | Foto: Casper Dalhoff / Ritzau Scanpix
Container

Maersk redirects traffic following earthquake

For subscribers

Foto: Sund & Bælt
Offshore

Danish authorities suspending 23GW of offshore wind projects

For subscribers

Foto: Magnus Møller
Featured

Eitzen son wants to electrify shipping as new CEO of Christiania Shipping

For subscribers

Mads Drejer, driftsdirektør hos Scan Global Logistics | Foto: Pr-foto Scan Global Logistics
Logistics

New owner to improve Scan Global Logistics’ acquisition abilities

For subscribers

Foto: Jon Nazca/Reuters/Ritzau Scanpix
Container

Carriers are becoming more punctual following massive delays during the pandemic

For subscribers

Further reading

Palle Laursen has spent almost his entire career at Maersk where he began as a maritime engineer in 1998. He now retires as chief of fleet. | Photo: Maersk
Container

Maersk's chief of fleet leaves after 25 years as reshuffling continues

Palle Laursen leaves Maersk after 25 years in the company. Another leader is also out the door, as Vincent Clerc continues to put his stamp on the shipping giant.

For subscribers

Arkivbillede | Foto: Casper Dalhoff / Ritzau Scanpix
Container

Maersk redirects traffic following earthquake

Earthquakes in Türkiye and Syria struck port city as well, affecting Maersk’s activities in the area.

For subscribers

Foto: Jon Nazca/Reuters/Ritzau Scanpix
Container

Carriers are becoming more punctual following massive delays during the pandemic

The 14 leading carriers improved their schedule reliability in 2022, shows new report. But pre-pandemic levels are still far away.

For subscribers

Latest news

  • Oil prices extend gains following earthquake and Chinese demand rebound – 10:25
  • Maersk redirects traffic following earthquake – 08:52
  • Danish authorities suspending 23GW of offshore wind projects – 07:22
  • Fredriksen company raises funds for arbitration case against shipyard – 6 Feb
  • French shipping tycoon ramps up M&A hunt with eye on Bollore arm – 6 Feb
  • Stolt-Nielsen plans listing for Stolt Tankers in 2023 – 6 Feb
  • Eitzen son wants to electrify shipping as new CEO of Christiania Shipping – 6 Feb
  • New owner to improve Scan Global Logistics’ acquisition abilities – 6 Feb
  • DP World expects uncertain growth developments in 2023 – 6 Feb
  • Carriers are becoming more punctual following massive delays during the pandemic – 6 Feb
See all

Jobs

  • Fleet Manager

  • Ambitious employee for Shipping office wanted

  • Commercial Contract Manager for the Offshore Wind Industry

  • Head of P2X Marketing and Sales (m/f/d)

  • Chartering Manager for Lauritzen Bulkers A/S

  • Senior Financial Controller

  • Copenhagen Shipping Company is hiring a skilled cargo broker

  • Vessel Manager Marine and QA

  • Foundation Package Manager - Offshore wind industry

Jobs

  • Fleet Manager

  • Ambitious employee for Shipping office wanted

  • Commercial Contract Manager for the Offshore Wind Industry

  • Head of P2X Marketing and Sales (m/f/d)

  • Chartering Manager for Lauritzen Bulkers A/S

  • Senior Financial Controller

  • Copenhagen Shipping Company is hiring a skilled cargo broker

  • Vessel Manager Marine and QA

  • Foundation Package Manager - Offshore wind industry

See all jobs

Colophon

ShippingWatch
Search

Sections

  • Carriers
  • Logistics
  • Regulation
  • Suppliers
  • Offshore
  • Ports
  • Sitemap
  • RSS feeds

Editor

Tomas Kristiansen

tk@shippingwatch.dk

Tel.: +45 3330 8360

  • About ShippingWatch

Editor-in-chief

Anders Heering

Publisher

JP/Politiken Media Group Ltd

Advertising

annoncering@infowatch.dk

Tel.: +45 7077 7445

Advertising

Job Advertising

job@infowatch.dk

Tel.: +45 7077 7445

Jobs

Subscription

Try ShippingWatch or get an offer for a subscription meeting the exact needs of you or your company.

shippingwatch@infowatch.dk

Tel.: +45 7077 7445

Learn more about subscriptions here

Address

ShippingWatch

Rådhuspladsen 37

1785 Copenhagen K, Denmark

Tel.: +45 3330 8360

Guidelines

  • Privacy Policy

Copyright © ShippingWatch — All rights reserved

Microsoft is in the process of discontinuing Internet Explorer – and so are we.
For a better experience, we recommend using one of the following browsers.

Kind regards,
ShippingWatch

Google ChromeMozilla FirefoxMicrosoft Edge