Customers return to Torm in Asia
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.
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.
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