Positive result in 2012

Development in activities and financial position
As in the last couple of year 2012 was generally a difficult year for international shipping resulting in many administration orders and bankruptcies.
This applied to all shipping segments, including the multi-purpose segment.
By virtue of enterprising employees and a strong financial background of the majority shareholder, Thorco Shipping has been able to expand its business considerably in 2012.
This expansion was achieved to a significant extent directly or indirectly due to competitor failures.
Today, Thorco Shipping A/S has a fleet of approx. 50 multi-purpose ships, all of a newer date, distributed on wholly/partly owned, chartered or in administration.

Results for 2012
The profit of the Thorco Shipping A/S Group for 2012 amounts of USD 320,908
It is thus satisfactory to note that the basis and fundamental operations of Thorco Shipping A/S are profitable in these difficult times.

Outlook for 2013
Thorco Shipping A/S is continuing its strategy and will continue to expand its activities if appropriate opportunities arise, both in terms of crew and vessels.
Profit for 2013 is expected to be at the level of the profit from continuing operations in 2012, ie a profit in the order of USD 0.5 – 1 million.

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