THORCO PROJECTS 2021 status

European summer is fast approaching - and with it a ray of hope around the world that we may be finally getting past the Covid-19 pandemic that has played such a huge role in our lives; both at home and in the workplace. Vaccination efforts are in full force and life in many places around the world is showing signs of normality. Whilst the world continues to recover, the shipping market has also been recovering at an inspiring pace.

THORCO PROJECTS displayed resilience in 2020 by ending the financial year with a small profit enabling the company to direct its attention towards 2021. Between Christmas and the Lunar New Year, the shipping market got off to a disappointing start which is not unusual. THORCO PROJECTS made some internal adjustments and changes in key positions as well as changes to promote and improve results whilst keeping services competitive and clients satisfied. Perhaps the biggest innovation was the introduction of a new email system to streamline our worldwide activities. These changes occurred to make it easier for clients to interact with THORCO PROJECTS in real time, no matter the location.  

Towards the end of the Lunar New Year, the market began to show real signs of life. Vessels and consequently the cost of freight began to increase daily, achieving levels we have not seen since prior to the 2008 Financial Crisis. The shipping market has returned to a point in which demand is outweighing supply, thus driving the market in a positive direction. This change has come about due to logistic bottlenecks, trade wars, a lack of container space and equipment combined with commodity prices soaring on the back of global demand, to name a few.

To handle the increase, THORCO PROJECTS reinforced its presence on key trade lanes such as Europe/Middle East and Asia/Europe. THORCO PROJECTS chartered in additional ships to attend to clients’ needs and continued to look at all different segments in the market to maximize opportunities. Renewable Energy cargoes continue to be a driving factor in the multi-purpose market. Commodities such as steel, minerals, grains, and bagged cargo is giving us positive results on what was once re-positioning business for THORCO PROJECTS. 

Photo; mv Sloman Dispatcher loading in Aviles, Spain carrying important e-house components, destined for the “Waste to Energy” project in Kwinana, Western Australia. This project will utilize 400,000t a year of household and industrial waste to power approximately 50,000 households in Perth, while offsetting up to 400,000t of CO2 emissions a year.

THORCO PROJECTS once again has “wind in its sails” and looks forward to what the rest of 2021 may bring.