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Owner lent Thorco USD 38 million

Thor Stadil and Christian Stadil provided, through the Thornico group, a loan of USD 38 million to Thorco Shipping, which finished 2014 with a net deficit of close to USD 20 million.

In 2014 the Thornico group, which is controlled by Thor Stadil and Christian Stadil, had to provide a USD 38 million three-year loan to its subsidiary carrier Thorco Shipping.

"In 2014 the company's parent company, Thornico A/S, has granted a 3-year subordinate loan of USD 38 million. Moreover, the company has received a commitment to financial support ensuring the company's ordinary activities up until the time of the Annual General Meeting for financial year 2015," says the carrier's management in the annual report 2014.

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