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Thorco wants to grow

Newly-merged multipurpose carrier Thorco will be even bigger than it is now, says Chairman and co-owner of Thorco, Thor Stadil, to ShippingWatch.

Even though he just participated in creating the world's second-largest multipurpose carrier, Thor Stadil is hungry for more, says the man himself, who is both co-owner and Chairman of Thorco, which merged with Clipper Projects on July 1st, to ShippingWatch.

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Clipper Projects merges with Thorco Shipping

"We wouldn't mind growing further. In fact, we'd like to grow further. For instance, we'd very much like to administrate more ships. The industry is struggling so much right now that there are many nice exposures where the banks are getting increasingly impatient, and that's one area where we'd like to assume administration of more ships. If the right opportunity comes along in regards to acquiring another company - a smaller company, that is - we're ready for that as well," says Thor Stadil.

New Thorco to fall into place

He elaborates:

"So we're still hungry, but with the proviso that our merger with Clipper Projects has to fall into place first. We can't start any major new things next month. If a guy shows up with three ships, we could easily find a place for them, but we can't go out and acquire major companies until we get this merger up and running 100 percent," says Thor Stadil.

He stresses that the merger of Thorco and Clipper Projects, named Thorco, has worked out very well so far and has gotten off to a great start. But Thorco won't be ready for "the next big job," as Stadil refers to further acquisitions, till next year.

But Thor Stadil is certain that there'll be attractive opportunities in the market.

"Most people are losing massive amounts of money around the world in our industry, and I'm sure we'll see bankruptcies. I think there'll be some good opportunities there. Because now we're also an attractive partner for others to join."

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