Thoresen Thai Agencies Public Company Limited, together with its subsidiaries, operates as a shipping company in Asia, Africa, the United States, Europe, and Oceania. The company operates through five segments: Shipping, Offshore Service, Agrochemical, Food and Beverage, and Investment. It owns dry bulk vessels and provides shipping services, such as hauling a range of dry and break-bulk commodities, which include mineral ore, coal, agriculture products, construction materials, and steel products. The company also provides offshore services, including subsea engineering to the oil and gas industry; and produces and markets NPK compounds, bulk blending products, and fertilizers under the Stork brand for customers' needs for coffee, rice, rubber, vegetables, and various other crops. In addition, it offers port operations business, third party logistics services, coal and logistics business, and petroleum tankering business services. Further, it provides installation and decommissioning, ship management, international maritime transportation, exploration drilling, and aircraft charter services. Additionally, the company provides diving; ROV; subsea and hydrographic survey; ship supplies and stevedoring, logistics, and transportation; and port services, as well as operates and franchises Pizza Hut and Taco Bell restaurants. it also offers management and software consultancy, boat conveyance, road transport, wood pellet trading, electric and biomass energy, general and coal trading, ship agency, water management and pipeline installation and repairment, treated water, real estate, water supply, drinking and wastewater, floating storage, offloading, cargo lashing materials, warehousing, industrial machinery and equipment installation services, and air transportation services for passengers and goods, as well as imports and distributes EV trucks and motorcycles. The company was founded in 1904 and is based in Bangkok, Thailand.
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Oil Rises on Middle East Tensions, Suggest Switching to Petrochemicals
The resurgence of tensions in the Middle East has led to an increase in the average Dubai crude oil price last week by 4.42 US dollars per barrel, or 5%, to 93.03 US dollars per barrel. Meanwhile, the Singapore refining margin fell by 2.84 US dollars per barrel to 17.31 US dollars per barrel, due to increased regional supply and high US oil inventories. Analysts believe that the strong earnings of refinery groups have already been reflected in their stock prices and recommend switching investments to the petrochemical sector, especially IVL and PTTGC, whose share prices have risen more slowly. Most petrochemical spreads have improved, such as the Ethylene-Naphtha Spread, which increased by 93 US dollars to 242 US dollars per ton. Additionally, the blockade of shipping routes in the Red Sea could support short-term freight rates, with the World Container Index rising 4% to 4,526 points, a positive factor for RCL shares. Meanwhile, the BDI index fell 5% to 2,820 points, but Supramax vessels, which are related to PSL and TTA, increased 2% to 1,634 points. The NEX coal price index also rose 3% to 131.81 US dollars per ton, driven by strong demand in Asia-Pacific.
Five Thai stocks ride Bitcoin's strong rebound, analysts warn of high risk
Bitcoin's price rebounded strongly from a base of around 62,000 US dollars per BTC after mid-August 2026, rising to test above 81,000 US dollars per BTC as of 25 August 2026. This led five Thai stocks, namely BTC, TTA, JTS, XPG and ZIGA, to be speculated on along with the trend. Mr. Piriya Samphantharak, a Bitcoin expert, said the price in this cycle may still not break the previous year's high of 97,900 US dollars per BTC because trading volume slowed after the initial period. Meanwhile, Mr. Wongsakorn Nakasomboon, fund manager at Merkle Capital Company Limited, views the key short-term technical resistance at around 88,000 US dollars per BTC, with key support levels at 72,000, 70,000 and 68,000 US dollars respectively, supported by ETF funds and progress on the United States' strategic Bitcoin reserve policy. Mr. Korn Hathaisattha, CFA, IAA, head of investment strategy for retail research at CGS International Securities Thailand Company Limited, warned that stocks in this group are high-risk speculation and prices have already risen a lot, even though some companies, especially BTC or Brooker Group Public Company Limited, have already reduced their Bitcoin holdings. Mr. Supakit Ngamjitjaroen, chief executive officer of Ziga Innovation Public Company Limited or ZIGA, revealed that the company still believes in long-term investment in Bitcoin, and the price increase may allow the company to turn around and record a profit in the third quarter after a loss from mark-to-market valuation of about 3 to 4 million baht in the second quarter.
TTA takes delivery of Thor Dan Siam, fleet reaches 25 vessels
Thoresen Thai Agencies Public Company Limited, or TTA, announced that Thoresen Shipping has taken delivery of the dry bulk carrier M.V. Thor Dan Siam, a Handysize vessel built in 2016 with a deadweight capacity of 34,407 tonnes and an age of about 9.7 years. It is the second vessel added to the fleet in 2026, following the Ultramax M.V. Thor Phra Samut delivered in July 2026. The addition of both vessels reflects a strategy of balancing fleet size and flexibility. Thoresen Shipping was ranked first in the world for time charter equivalent, or TCE, performance in 2025 and is the only company to have been in the top five for eight consecutive years. For the first six months of 2026, the shipping business group achieved an average TCE of 16,614 US dollars per vessel per day, 14 percent above the net Supramax market rate. Following the delivery of the new vessel, Thoresen Shipping owns a fleet of 25 vessels, comprising 21 Supramax, 3 Ultramax and 1 Handysize, with total deadweight capacity of 1,390,666 tonnes, average deadweight of 55,627 tonnes, and an average fleet age of 16.9 years.
TTA second-quarter core profit up 114%; Finansia Syrus raises target to 6.80 baht
Thoresen Thai Agencies Public Company Limited, or TTA, reported a net loss of 194.77 million baht for the second quarter of 2026, reversing from a net profit of 90.11 million baht a year earlier, after booking a loss of 561.9 million baht from marking digital assets to market prices. Excluding extraordinary items, core profit came in at 367.2 million baht, about 70% above analyst expectations. Finansia Syrus had estimated core profit at 367.1 million baht, up 114.2% from a year earlier, and raised its target price to 6.80 baht while maintaining a buy recommendation. For the first six months of 2026, TTA posted a net profit of 5.99 million baht, down 99.36% from 942.40 million baht in the same period last year.
TTA says shipping costs held 6% below industry benchmark
Thoresen Thai Agencies Public Company Limited, or TTA, reported strong operating results. Its shipping business achieved a time charter equivalent rate of 18,240 US dollars per day, 11 percent above the net Supramax market rate, with full 100 percent utilization of its owned fleet. Operating expenses for shipping came to 5,115 US dollars per day, 6 percent below the industry benchmark. In the agrochemical business under PM Thoresen Asia Holdings Public Company Limited, or PMTA, fertilizer export volumes to the Philippines surged 275 percent compared with the same period last year, while revenue from warehouse management services grew 26 percent. The offshore services business through Mermaid Maritime Public Company Limited recorded 95 percent utilization of its subsea engineering vessels and maintained a service backlog of 749.5 million US dollars. TTA also held total cash under management of 8.4 billion baht and an interest-bearing debt to equity ratio of only 0.34 times, while continuing to manage its other investment portfolio, including 212 Pizza Hut outlets, 45 Taco Bell outlets, and a water supply business in Luang Prabang, Laos.
TTA sets up two US subsidiaries to expand offshore oil and gas business
Thoresen Thai Agencies Public Company Limited, or TTA, announced that its subsidiary has established two new companies in the United States to expand its offshore oil and gas business. Mermaid Subsea Services Thailand Limited, or MSST, in which TTA holds direct and indirect stakes totaling 68.39 percent through Mermaid Maritime Public Company Limited, set up Mermaid US Holdings Inc., or MMUH, on August 3, 2026, with registered capital of 100 US dollars. MSST holds all shares and used its internal cash flow as the funding source. The second company, Mermaid Subsea Services US LLC, or MMUS, was registered on the same day to provide services for the offshore oil and natural gas industry, with MMUH holding all shares. The establishment of these subsidiaries does not qualify as a significant transaction under listed company criteria, but results in MMUH and MMUS becoming subsidiaries of TTA.
SPC advances Sahapat for Students project into its 10th year, covering over 250 schools
Sahapat Piboon, or SPC, is driving the Sahapat for Students project into its 10th year, targeting 26 more schools this year, bringing the total coverage to over 250 schools nationwide. The company continues its mission to find young heroes — honest and public-spirited children. Meanwhile, Britania, or BRI, has announced a partnership with True Corporation to integrate smart home solutions and the AI assistant Amy into homes across all five of its brands, with a 24-month free usage promotion for new homebuyers. Chuwit Farm 2019, or CFARM, is pressing ahead with its second-half 2026 strategy by investing in smart farm technology and accelerating construction of a 200,000-hen egg farm. Thoresen Shipping, a subsidiary of Thoresen Thai Agencies, or TTA, has been ranked number one globally for time-charter equivalent earnings management efficiency in the Vessel Index Report 2025, and is the only company to rank in the top five for eight consecutive years. L.P.N. Development, or LPN, joined in celebrating the opening of the 43rd Lucky Suki Marché branch, spanning over 689 square metres, at the Lumpini Township Rangsit-Klong 1 project.
Thoresen Shipping, a subsidiary of TTA, has acquired the dry bulk carrier M.V. Thor Phra Samut, an Ultramax vessel with a deadweight tonnage of 63,025 tonnes and aged 9 years. This is the largest Ultramax vessel in the company's fleet. The investment comes after Thoresen Shipping was ranked number one globally for time charter equivalent earnings performance, and is the only company to have been ranked in the top five for eight consecutive years. The acquisition brings the total fleet to 24 vessels, increasing the average fleet deadweight tonnage to 56,511 tonnes and reducing the average fleet age to 17.17 years.