The course has shifted for the Stadil family’s shipping company Thorco Projects, which no longer owns ships but only charters them. The company saw marked advancement last year.
The Stadil family’s shipping company, Thorco Projects, advanced markedly last year with a revenue of USD 418m and a result of USD 30.8m after taxes, according to the firm’s annual financial report.
In comparison, Thorco Projects booked a revenue of USD 150m for 2020 with a full-year result of almost USD 1.1m after taxes.
Thorco Projects is a subsidiary filing under the Stadil family’s Thornico group. Thorco has previously owned ships but following financial losses and bankruptcies, company founder Thor Stadil announced last year that Thorco Projects would focus on chartering ships rather than owning them.
”As we move forward, our strategy will be a light model. We would rather opt for a safe model where we can’t lose as much,” he told WPO last year.
Thornico’s focus on ship acquisitions failed when the international shipping crisis turned out to be longer than the company had expected. At its largest, Thorco Projects’ fleet contained more than 100 ships, which the company had bought from German banks, among other entities, which had been stuck with the vessels in the wake of the financial crisis.
