Mitihoon – TTA Reinforces Its Strong Financial Position as TRIS Rating Affirms Corporate Credit Rating at BBB/Stable and Assigns “BBB” Rating to New Debentures of Up to THB 1.7 billion
Thoresen Thai Agencies Public Company Limited (TTA) announced that TRIS Rating Co., Ltd. has reaffirmed the Company’s corporate credit rating and the rating of its senior unsecured debentures at “BBB” with a “Stable” outlook. TRIS Rating has also assigned a “BBB” rating to TTA’s proposed new senior unsecured debentures with a total value of up to THB 1.7 billion, the proceeds of which will be used to refinance maturing debentures. The reaffirmation reinforces confidence in the strength of TTA’s core businesses, strong financial position, and ability to generate sustainable cash flows.
According to TRIS Rating, the reaffirmed rating reflects TTA’s strong business profile, supported by its position as one of the world’s leading dry bulk shipping operators, its competitive cost structure, and the continued growth of its offshore services business. Together, these two core businesses provide stable earnings and cash flow generation for the Group.
For the shipping business, operated by Thoresen Shipping, TRIS Rating maintains a positive outlook on the industry, expecting freight rates to remain at levels supportive of business performance over the next three years, underpinned by continued tight vessel supply. Thoresen Shipping has also maintained its competitive advantage, achieving an average Time Charter Equivalent (TCE) rate of US$16,614 per vessel per day during the first six months of 2026, approximately 14% above the net market Supramax freight rate. This demonstrates Thoresen Shipping’s effective fleet management and disciplined cargo selection, enabling returns above market benchmarks.
Meanwhile, the offshore services business, operated through Mermaid Maritime Public Company Limited (Mermaid), continues to serve as another key growth driver for the Group. As of the end of June 2026, Mermaid reported an order book of approximately US$750 million, with the majority comprising Subsea Inspection, Repair and Maintenance (Subsea IRM) projects. Supported by its robust order backlog, TRIS Rating expects Mermaid’s revenue to increase by approximately 19% during 2027-2028 compared with 2026.
On the financial front, TRIS Rating assesses TTA’s financial position and liquidity as strong. As of the end of June 2026, TTA held approximately THB 8.4 billion in cash and cash equivalents, while its net interest-bearing debt-to-equity ratio remained at only 0.07 times, significantly below the debenture covenant of 2.0 times. This reflects TTA’s solid financial foundation, resilience against business volatility, and capacity to support future investments.
The “Stable” outlook further reflects TRIS Rating’s expectation that TTA will continue to deliver solid operating performance from its core shipping and offshore services businesses while maintaining prudent financial discipline and a strong competitive position.
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