Thoresen Shipping Group

What Thoresen Shipping Group does

Thoresen Shipping Group is an international dry bulk shipping company headquartered in Bangkok, Thailand, with its commercial operations hub in Singapore. The company operates a modern fleet of 25 owned Supramax and Ultramax vessels, comprising 20 geared and grabbed fitted bulk carriers and 5 specialized open hatch box-shaped vessels, collectively exceeding 1 million Deadweight tonnes. Its roots trace to 1904 in Hong Kong, with dry bulk operations launching in 1985; the company is a wholly-owned subsidiary of Thoresen Thai Agencies Plc (TTA), listed on the Stock Exchange of Thailand.

The company transports dry bulk commodities including ore, coal, pet coke, cement, grains, agricultural products, fertilizers, steel, and project cargoes under three contractual structures: Contracts of Affreightment (COAs), period charters, and spot charters, deployed across Atlantic and Pacific Ocean trades. Its open hatch box-shaped vessels are purpose-built for unitized break bulk trades such as wood pulp, windmills, steel products, and pipes, providing a differentiated technical capability versus standard bulk carriers. The fleet is supplemented by chartered-in tonnage for operational flexibility.

Thoresen generates revenue through direct commercial engagement with enterprise customers across five primary verticals: mining, agriculture, steel/manufacturing, energy, and industrial end-users. Its wholly-owned commercial offices in Thailand, Singapore, the UK, Dubai/Abu Dhabi, South Africa, and Denmark support relationship-based sales globally. The company's history includes a 2011 strategic restructuring that modernized the fleet, transferred vessels to Singapore flag, and relocated commercial activities to Singapore, followed by successive fleet acquisitions and geographic expansion through 2016-2017.

Name

Thoresen Shipping Group

Legal name

Thoresen & Co., (Bangkok) Ltd.

Website

https://thoresenshipping.com

Company type

Private

Founded year

1904

Operating status

Operating

Headcount range

11–50 employees

Short description

Thoresen Shipping Group is an international dry bulk shipper operating a 25-vessel fleet of Supramax, Ultramax, and open hatch box-shaped vessels, transporting commodities for mining, agriculture, steel, energy, and industrial customers under COAs, period, and spot charters globally.

Ownership category

akta.pro rank

Product category

Dry Bulk Shipping Services

NAICS

Deep Sea Freight Transportation (483111)

SIC

Water Transportation (4400)

akta.pro primary industry

Bulk Dry Cargo Carriers (Capesize/Panamax/Supramax/Handysize) (TLADABAC)

Keywords

• Dry bulk shipping
• Ocean freight services
• Vessel chartering
• Bulk carrier fleet
• Maritime transportation

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Others

Revenue model

1. Contract of Affreightment (COA): Long-term contracts transporting specified volumes of cargo over multiple voyages at negotiated rates. Clients include mining companies, agricultural traders, steel mills, and power suppliers.
2. Period Charters: Time-based charter arrangements where vessels are hired for specific periods, providing predictable revenue streams.
3. Spot Charters: Individual voyage charters for single shipments, providing flexibility and market-rate pricing depending on freight market conditions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Thoresen Shipping Group owns and operates a modern fleet of 25 Supramax and Ultramax dry bulk vessels (20 geared bulk carriers plus 5 open hatch box-shaped vessels) providing ocean transportation of dry bulk and break bulk commodities including ore, coal, pet coke, cement, grains, fertilizers, steel products, wood pulp, and project cargoes worldwide. The company delivers freight services through Contracts of Affreightment (COAs), period charters, and spot charters to mining companies, agricultural traders, steel mills, power suppliers, and industrial end-users across Atlantic and Pacific Ocean trades, supplemented by chartered-in tonnage for additional capacity flexibility.

Product overview

Thoresen Shipping Group offers dry bulk ocean transportation solutions through a modern fleet of 25 owned Supramax and Ultramax sized vessels, comprising 20 geared and grabbed fitted bulk carriers and 5 open hatch box-shaped hold vessels. The company operates under two primary vessel categories: Bulk Carrier Fleet for traditional dry bulk commodities (ore, coal, cement, grains, fertilizers) and Open Hatch Box Shaped Vessels for unitized break bulk trades (wood pulp, windmills, steel, pipes). Services are deployed through COAs, period charters, and spot charters across Atlantic and Pacific Ocean trades, supplemented by chartered-in tonnage for additional capacity and flexibility.

Differentiator

Problem solved

Functional benefit

Products and services

• Bulk Carrier Fleet Service A fleet of 20 geared and grabbed fitted Supramax and Ultramax sized bulk carrier vessels equipped with cargo gear (cranes and grabs) for dry bulk transportation. Vessels are deployed in Contracts of Affreightment (COAs), period charters, and spot charters across Atlantic and Pacific Oceans, transporting ore, coal, pet coke, cement, clinkers, grains, fertilizers, bauxite, alumina, concentrates, and scrap metal.
• Open Hatch Box Shaped Vessel Service Specialized transportation service using 5 open hatch box-shaped hold vessels designed for unitized break bulk trades including wood pulp, windmills, steel products, and pipes. Each vessel features a 5 holds/5 hatches configuration with 4x30-36 MT SWL cranes and grabs, deployed under COA, period charter, and spot arrangements across Atlantic and Pacific routes.
• Current Position Fleet Tracking Service Real-time fleet positioning service showing vessel availability, locations, and specifications for charterers and clients seeking dry bulk shipping capacity in Pacific and Indian Ocean regions.
• Dry Bulk Ocean Transportation Solutions Comprehensive dry bulk ocean transportation service in Handymax and Supramax sectors, transporting commodities including ore, coal, pet coke, cement, clinkers, grains, agricultural products, forest products, steel, and windmills through COAs, period charters, and spot charter arrangements.

Quantifiable outcome

• 8 million+ tons of cargo transported annually with approximately 670 port calls (2011 data)

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators5 records

Recent moves13 records

Expansion highlights4 records

Direct peers

• Genco Shipping & Trading: New York-listed dry bulk shipowner with significant Ultramax/Supramax exposure. Directly comparable in vessel size profile, chartering strategy and exposure to industrial commodity trades.
• Pacific Basin Shipping: Hong Kong-listed dry bulk owner-operator focused on Supramax/Handysize vessels with similar geared tonnage strategy. Closely comparable in vessel class mix, Asian commercial focus, and customer segments (mining, agriculture, energy).
• Eagle Bulk Shipping: US-listed pure-play Supramax/Ultramax owner-operator. Closely comparable in vessel class focus, geared cargo handling capability, and dry bulk trading across Atlantic and Pacific.
• Grindrod Shipping: Mid-sized dry bulk owner with supramax/handysize tonnage focused on Atlantic and Pacific trades. Comparable in vessel size, chartering approach, and emerging-market customer focus.
• Diana Shipping: Greek dry bulk owner with Capesize/Newcastlemax and Supramax vessels, offering time charter and single-voyage charters similar to Thoresen's mix. Comparable dry bulk ocean shipping business model.
• Star Bulk Carriers: Global dry bulk owner with a large Supramax/Newcastlemax fleet operating under similar COA/period/spot chartering model. Comparable in dry bulk ocean transportation and commodity customer base, though larger and more diversified in vessel size.
• Golden Ocean Group: John Fredriksen-controlled dry bulk shipping company with Capesize/Newcastlemax/Panamax fleet. Operates in the same dry bulk ocean freight market with similar COA/spot exposure.
• Safe Bulkers: Dry bulk owner-operator focused on Panamax/Kamsarmax and Supramax segments. Comparable in dry bulk carriage and industrial customer base, with similar charter mix.

Emerging players

• Pangaea Logistics Solutions: Specialized dry bulk operator focused on niche project/ice-class cargoes. Less direct overlap in mainstream Supramax trades but comparable in serving industrial customers with specialized breakbulk/project cargo capability.

Broad incumbents

• Thoresen Thai Agencies (TTA): Parent company of Thoresen Shipping and a publicly-listed Thai strategic investment group. Holds the subject's equity and operates other maritime/energy businesses, providing the strategic context for Thoresen Shipping's operations.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/thoresen-shipping-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thoresen Shipping Group