The Ship Owning Division is managed through the subsidiaries of the Company based in Malta and Thailand
TMSL’s ship owning and operating divisions are spread across dry bulk carriers to product tankers. The company has a deliberate strategy to keep its ship-owning footprint low.
The Ship Owning & Management Division of the Company is presently operated through a product tanker named Navakun 21 which is owned and managed by the Company’s subsidiary in Thailand. The vessel is a Clean Oil Tanker with a capacity of 5349 m3. This apart, the Company also owns 5 Liquified Petroleum Gas (LPG) carriers which are under a long-term contract with the Petroleum Authority of Thailand.
The shipping market has undergone significant downturn since September 2008. As a result, outlook for the dry bulk sector is extremely weak and likely to suffer through the remainder of the 2008-09 fiscal year, if not longer.
It had until recently owned and operated 2 Handysize / Handymax carriers, both of which were on short-term charter (typically 3 to 6-months), augmented by a well-managed placement in the spot market to fully exploit prevalent market conditions. These were owned by subsidiaries based in Malta.
The Ship Owning Division has been a good revenue earner with EBIDTA returns hovering in the range of 60% to 75% of the revenues consistently.
This apart, the Company is constantly studying the global trends and is looking at favorable market for acquisition of vessels at appropriate times.
The outlook for the dry bulk cargo segment and the container segment in the short term remains bleak. Whilst the global economic downturn is having an adverse impact on the shipping sector seen particularly in the sharp and unprecedented plunge of the Baltic Dry Index, other reasons of the negative cycle in the freight markets include: reduction of trade; tightening of credit; volatile currency markets.
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July 02, 2014
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