Thorco Shipping A/S – Annual Report 2011

Despite heavy competition and tough market conditions Thorco Shipping managed to increase revenue with more than 50% and ended at USD 150 mill. and a gross profit of USD 11 mill. After deduction of our ordinary expenses we had a net profit of USD 1 mill. Compared to market level we find it satisfactory and the result of having the strongest team worldwide in our market.
However, we also realized that the market for the smaller vessels will not improve in the short-medium perspective and at the end of 2011 Thorco Shipping decided to sell the vessels and in the future focus on vessels at the size of 8.000-16.000 dwt. Selling vessels at bottom of the cycle has suffered significant losses, but we are looking forward and can proudly present a modern fleet with an average age of below 5 years for our customers.
For 2012 we still expect heavy competition and depressed market conditions, and Thorco Shipping expects a result in line with the continuing operation from 2011 which is in the level USD 1,5 -2 mill.
Further information:
Please contact Managing Director – Partner Thomas Mikkelsen(+45 63 20 30 01) or CFO Morten Snede (+ 45 63 20 30 07) or by e-mail: