Thoresen Thai Agencies Public Company Limited (TTA) reported a normalized net profit of Baht 367.2 million for the second quarter of 2026, driven by a strong performance in its core Shipping segment. EBITDA grew 17% year-on-year to Baht 804.9 million, alongside total consolidated revenues of Baht 5,598.3 million.
The company recorded a reported net loss attributable to TTA of Baht 194.8 million for the quarter. This difference primarily resulted from extraordinary non-recurring, non-cash mark-to-market impairment losses on digital assets totaling Baht 564.4 million. The impairment involved no operating cash outflow, and the aggregate market value of TTA’s digital asset portfolio remained above its carrying amount at the reporting date.
Core Segment Financial Highlights
The Shipping segment served as the primary growth engine, delivering a net profit of Baht 512.6 million to TTA, representing a 52% YoY increase. Thoresen Shipping achieved a Time Charter Equivalent (TCE) rate of US$ 18,240 per day—outperforming the net Supramax market rate by 11%—while maintaining a low vessel operating expense (OPEX) of US$ 5,115 per day, which is 6% below the industry average. Freight revenues rose 23% YoY to Baht 2,061.8 million with owned-fleet utilization reaching 100%.
“The Shipping segment continued to demonstrate strong operational performance in 2Q/26, supported by favorable market conditions,” said Mr. Chalermchai Mahagitsiri, TTA President and Chief Executive Officer. “The Baltic Supramax Index (BSI) averaged 1,535 points, up from 962 points in 2Q/25, while the Supramax Time Charter (TC) rate peaked at US$ 19,681 per day and averaged US$ 17,369 per day. Looking ahead to 2027, dry bulk trade is forecast to grow by 1.1% in volume and 1.8% in ton-miles, while fleet capacity is expected to expand by 4.2%. Despite an uncertain market outlook, the Shipping segment remains well positioned, having ranked No. 1 globally among listed dry bulk companies in the 2025 performance survey by Liengaard & Roschmann, Maritime Advisors.”
+-------------------------------------------------------------------+
| TTA 2Q26 Performance Metrics |
+-----------------------------------+-------------------------------+
| Metric | Value |
+-----------------------------------+-------------------------------+
| Total Revenues | Baht 5,598.3 million |
| Normalized Net Profit | Baht 367.2 million |
| EBITDA | Baht 804.9 million |
| Reported Net Loss (Attributable) | Baht 194.8 million |
| Shipping Net Profit (to TTA) | Baht 512.6 million (+52% YoY) |
| Shipping TCE Rate | US$ 18,240/day |
| Shipping OPEX | US$ 5,115/day |
| Offshore Order Book | US$ 749.5 million |
| Cash Under Management | Baht 8.4 billion |
+-----------------------------------+-------------------------------+
Offshore, Agrochemical, and Subsidiary Operations
The Offshore Service segment, operated under Mermaid Maritime Public Company Limited, recorded revenue of Baht 2,014.7 million. Subsea-IRM revenue increased 20% YoY, accounting for 87% of the segment’s revenue, supported by a 95% fleet utilization rate. The segment reported EBITDA of Baht 16.5 million, a net loss to TTA of Baht 93.8 million, and a strong order book of US$ 749.5 million at quarter-end. Middle East operations continued without material disruption, incurring slight cost increases related to personnel and transportation due to regional geopolitical developments.
The Agrochemical segment, managed via PM Thoresen Asia Holdings Public Company Limited (PMTA), generated Baht 760.7 million in revenue and a net profit to TTA of Baht 0.9 million. Total fertilizer sales volume reached 33.7 Ktons amid weaker domestic demand in Vietnam, driven by higher raw material and transportation costs from Middle East conflict dynamics. However, export fertilizer sales volume grew 275% YoY to 11.9 Ktons due to increased shipments to the Philippines, while factory management service income rose 26% YoY to Baht 39.1 million on higher warehousing demand.
In food and beverage operations, TTA operates Pizza Hut (212 outlets nationwide) and Taco Bell (45 outlets nationwide) as 70%-owned subsidiaries. TTA’s water and logistics portfolio includes Asia Infrastructure Management (Thailand) Co., Ltd. (AIM), a 92.50%-owned subsidiary holding a tap water concession in Luang Prabang, Laos.
Financial Position and Operational Outlook
TTA maintained a solid balance sheet as of 30 June 2026, backed by Baht 8.4 billion in cash under management and a low interest-bearing debt-to-equity ratio of 0.34 times. The company generated Baht 1,447.1 million in net operating cash inflows during the first half of 2026. The Shipping fleet ended the quarter with 23 owned vessels (21 Supramaxes and 2 Ultramaxes) averaging 56,228 DWT and 17.4 years of age.
#TTA, #ThoresenThaiAgencies, #FinancialResults, #Shipping, #OffshoreService, #Agrochemical
