Briefs

STX Pan Ocean is expanding its service from the existing India-China route and is launching a direct service from Thailand’s Laem Chabang to India’s Nhava Sheva port and Colombo in Sri Lanka.
The new service will be handled by 3,400 TEU vessels and will connect China with Southeast Asia and India, operating from ports in Xingang, Qingdao, Singapore, Tanjung Pelepas, Kelang and Colombo, as well as Laem Chabang and Nhava Sheva. The maiden voyage to Laem Chabang took place on November 21.
The new circuit is designed to meet growing demand in the Thai market.
South Korean shipping line STX Pan Ocean is known for bulk handling, container facilities, oil tankers and LNG (liquid natural gas) carriers.

Thoresen announces net loss of Bt4.6 bn
Thoresen Thai Agencies (TTA) announced a net loss of Bt4.6 billion and per share loss of Bt6.52 for the fiscal year of 2012, which ended on September 30, compared to net profits of Bt173 million and earnings per share of Bt0.24 a year ago.
The drop has been blamed largely on non-cash extraordinary items, which when combined with other write-offs and provisional expenses, totalled Bt4.57 billion for the entire fiscal year.
Chandchutha Chandratat, TTA’s president and CEO, said that in line with best corporate governance practices that call for transparent and conservative financial reporting, the company took a number of significant impairments and other extraordinary write-downs during the year.
“These were largely non-cash items that have not affected our cash position, which remained strong and in fact improved significantly during the year,” he said, adding that the firm would be going into the new year with a balance sheet that represents an even more conservative view of its operations.
The restructuring of its two largest business units is largely completed and has started yielding increasingly strong operating results, as well as a potential capital increase plan that should position it for improvement next year, he said.
Revenues for 2012 stood at Bt16.33 billion, 7 per cent lower than the previous year, largely due to a reduced fleet size at Thoresen Shipping, offset in part by marginal growth in top line results at Baconco, Mermaid Maritime and Unique Mining Services.