Industrial Conglomerates

Hyperscale Data said it has invested more than $70M in Alliance Cloud Services and its Michigan AI data center, with operations under a previously announced master services agreement expected to begin in November 2026. The investment has funded a substantial portion of the capital needed to prepare the facility for an initial 20 MW AI compute deployment to a California-based neocloud provider, and the company said it has acquired a substantial amount of the equipment needed to bring the contracted capacity online. The agreement covers an initial 20 megawatts of critical AI compute capacity for 10 years, with two five-year extension options, and if maintained for the full 20-year term is expected to generate more than $1.2B in revenue. The customer can expand the deployment to 52 MW, which could generate more than $3B in revenue over 20 years, while the Michigan facility has about 340 MW of potential capacity, leaving about 270 MW for future customers after a full 52 MW deployment. The stock price scaled about 4.4% on Thursday during pre-market trade.

Hyperscale Data has invested more than $70 million into its Alliance Cloud Services subsidiary and the development of its Michigan AI data center as of September 15, 2026. The investment represents a substantial portion of the overall capital program needed to prepare the Michigan Facility for AI compute deployment to a California-based neocloud customer under a previously announced master services agreement. Operations under that MSA are expected to begin in November 2026, at which point the company expects to start generating revenue and cash flow. The MSA covers an initial 20 megawatts of critical AI compute capacity over an initial 10-year term with two five-year extension options, and if it runs the full 20 years the company expects more than approximately $1.2 billion in revenue. The customer may increase capacity up to a total of 52 megawatts, which if fully exercised and maintained for the entire 20-year term is expected to lift total contract revenue above $3.0 billion, a figure representing less than 20% of the Michigan Facility's approximately 340 megawatts of total potential capacity. Chief Executive Officer Will Horne said the capital is part of the overall investment required to prepare the facility and that the company has acquired a substantial amount of the equipment required for the planned deployment. Hyperscale Data said it continues to evaluate the optimal long-term strategy for ACS and the Michigan Facility, including continued development, strategic partnerships, additional customer deployments, a potential separation or initial public offering of ACS, or a potential sale of the Michigan Facility.

Mitsubishi Electric Corporation announced that its MELSEC iQ-R Series safety programmable controller has obtained an EU type examination certificate from TÜV Rheinland, confirming conformity with the EU Machinery Regulation (Regulation (EU) 2023/1230). This is the first certification of its kind for Mitsubishi Electric's factory automation business, making the company one of the world's first to receive it, and it is also the first EU type examination certificate audited by TÜV Rheinland Japan Ltd. The EU Machinery Regulation becomes mandatory on January 20, 2027, replacing the current EU Machinery Directive (Directive 2006/42/EC), and adds new mandatory cybersecurity requirements covering software, network connectivity, and remote access on top of existing physical functional safety rules. The certificate positions Mitsubishi Electric to help manufacturers meet the new European legal framework for machinery safety.

Mitsubishi Electric Corporation announced that two of its research and development projects have been selected through a public solicitation by Japan's New Energy and Industrial Technology Development Organization, or NEDO, for support under an initiative to advance quantum computing and other information technology in the post-5G era. The NEDO project is officially known as the Research and Development Project to Strengthen Post-5G Information and Communication System Infrastructure, Accelerating the Development and Demonstration of Next-Generation Quantum Computers to Solve Societal Issues. Following the selection, Mitsubishi Electric will launch its two projects aimed at scaling up quantum computers: Research and Development of Multi-Qubit-Control Laser Systems, and Development of Ultra-Compact, Multi-Channel, Low-Noise Amplifier Modules for Large-Scale Superconducting Quantum Computers. The company said quantum computers are expected to revolutionize computing infrastructure by enabling larger-scale simulations and optimization than conventional computers in fields including medicine and drug discovery, finance, logistics and energy. Because qubits are fragile and highly susceptible to noise, technologies that combine multiple qubits are needed to correct errors, making scaling to the level of one million qubits a key challenge.

Hitachi, Ltd. and Mission Critical Group announced they have signed a memorandum of understanding establishing a strategic partnership focused on joint development of solutions to expand Hitachi's HMAX Data Center portfolio, along with cross-selling of energy solutions and products. The partnership will pursue three main areas: delivery of end-to-end energy solutions spanning high-, medium-, and low-voltage systems, with Hitachi Energy and MCG combining their power infrastructure technologies for data center operators; joint development and deployment of solutions for HMAX Data Center portfolio expansion, integrating Hitachi's digital technologies including data collection and AI analytics into MCG's modular power equipment; and introduction of solutions to advance MCG's modular manufacturing expertise through Hitachi Group digital and automation solutions including HMAX Industry. The companies said the modular data center market is growing at an annual rate of about 20 percent, driven by AI adoption and extended lead times for electrical equipment. Jun Taniguchi, Senior Vice President and Executive Officer and CEO of the Strategic SIB Business Unit at Hitachi, said MCG is an ideal partner with a broad customer base ranging from hyperscalers to colocation providers. Jeff Drees, CEO of Mission Critical Group, said combining Hitachi's global energy and digital capabilities with MCG's modular power expertise can accelerate time-to-power. MCG operates more than 18 manufacturing facilities in the United States.

Hitachi Energy, a subsidiary of Hitachi, announced on the 16th that it will invest 528 million dollars, or about 82 billion yen, to build a new transformer manufacturing plant in the southern U.S. state of Mississippi. The move is aimed at strengthening production of power infrastructure to meet rapidly growing electricity demand in the United States driven by the spread of artificial intelligence. The investment is expected to be part of the 550 billion dollars, or roughly 85 trillion yen, in U.S.-bound investment and lending agreed in Japan-U.S. tariff negotiations. Construction is set to begin within the year, with transformer production scheduled to start in 2029, and production capacity is expected to more than double from current levels.

Hanwha Power announced on September 15 that it has obtained Approval in Principle from the American Bureau of Shipping for the concept design of a 22,000-cubic-meter LNG bunkering vessel at GASTECH 2026 in Bangkok, Thailand. With this AiP, Hanwha Power has completed its lineup of medium- and large-scale LNG bunkering vessels, ranging from 7,500 to 22,000 CBM. The design features LNG-ammonia multi-cargo capability, enabling transport of both LNG and ammonia, and incorporates high-manganese steel cargo containment technology, Mc-C, allowing adaptation to future alternative fuels with minimal modifications. Hanwha Power applied a hybrid electric propulsion system integrating Onshore Power Supply with an Energy Storage System, and incorporated Group core technologies including dual-fuel generator sets, ESS, Electrical Power System integration, Integrated Automation System, and Cargo Handling System to maximize competitiveness of its integrated Engineering and Procurement package. The certificate presentation ceremony was attended by Hanwha Power Marine Solution Business Division Head Hoon-min Kim, Vice President Jong-kyu Hwang, who oversees Technical Solutions, and key ABS representatives.

Hitachi Energy, a subsidiary of Hitachi, announced on the 16th that it will invest 528 million dollars, approximately 82 billion yen, to build a new transformer manufacturing plant in the southern U.S. state of Mississippi. The move is aimed at strengthening power infrastructure production to meet rapidly growing electricity demand in the United States driven by the spread of artificial intelligence. The investment is expected to be part of the 550 billion dollars, roughly 85 trillion yen, in investment and financing in the United States agreed under Japan-U.S. tariff negotiations. Construction is scheduled to begin within the year, with transformer production to start in 2029, and production capacity is expected to more than double from current levels.

Mitsubishi Electric Corporation announced that its ME Innovation Fund has invested in OptQC Corp., a Japanese startup developing optical quantum computer hardware, marking the fund's sixteenth investment to date. OptQC originated from the University of Tokyo and was established on technologies developed by the university's Furusawa Laboratory, a world leader in optical quantum computing. The startup's optical quantum computer uses a proprietary architecture designed to limit increases in system size as qubit counts grow, and it has already delivered its first commercial system to a public research institution as well as hardware modules to private-sector companies. Through the investment, Mitsubishi Electric expects to gain early insights into OptQC's hardware development technologies, related components, customers and market trends. The company aims to lead the field of quantum computing and create new business opportunities by applying those insights to its own quantum technologies, software implementation knowhow and application development in industrial fields.

In Hitachi's full-year results for the fiscal year ending March 2026, the Digital Systems & Services segment posted the highest operating profit at 450 billion yen, surpassing the Energy segment's 416 billion yen. By revenue, Energy was the largest at 3.2008 trillion yen, but Digital Systems & Services had the highest operating margin among the four businesses at 16.3 percent, followed by Energy at 13.0 percent, Connective Industries at 12.2 percent, and Mobility at 8.2 percent. Year on year, Energy's revenue surged 24.9 percent and its operating profit jumped 65.1 percent, far outpacing Digital Systems & Services' 3.9 percent revenue growth and 14.2 percent operating profit growth. The share price fell from the 5,300 yen range at the end of October 2025 to the 4,400 yen range by the end of March, then recovered to the 5,400 yen range by the end of August, and was trading in the 5,100 yen range as of September 2026.

Hyperscale Data has set $750M as the minimum valuation at which it would seriously consider selling its Michigan AI data center campus. Management estimates the Michigan Campus could be worth between $750M and $1.25B, based on its master services agreement, existing infrastructure and power access, expansion potential, and valuations of comparable AI infrastructure companies. The company is also weighing other options to maximize shareholder value, including a potential sale of the Michigan Campus, an IPO of wholly owned subsidiary Sentinum, selling a minority stake in Sentinum to fund expansion, or continuing to own and develop the campus. No definitive decision has been made on any transaction.

Mitsubishi Electric Corporation announced it has developed a plate heat exchanger for heat pump cooling and heating equipment with industry-leading heat transfer performance roughly three times that of conventional models. The new design reduces the number of plate layers, cutting the refrigerant charge to approximately one-third of conventional levels, which lowers environmental impact and improves safety. The company said the unit uses distribution channels at the fluid inlets and outlets to ensure uniform refrigerant flow across plates, including those fitted with micro-offset fins, producing an even distribution of gas-liquid two-phase flow. Channel placement was optimized using proprietary analysis technology that simulates the complex flow of two-phase refrigerants between fine fins. Mitsubishi Electric said the development responds to stricter refrigerant regulations tied to carbon neutrality goals, since next-generation refrigerants such as R32 have lower Global Warming Potential but are often flammable, making volume reduction essential to limit leak risks.

Japan's Ministry of Land, Infrastructure, Transport and Tourism announced on the 11th that, as the second round of measures to revive the domestic shipbuilding industry, it has decided to provide up to 98 billion yen in support for capital investment plans by five companies: Oshima Shipbuilding, Kawasaki Heavy Industries, Shin Kurushima Dockyard, Naikai Zosen, and Mitsubishi Shipbuilding. The aid will be disbursed through a 350 billion yen shipbuilding industry revival fund. The subsidies come to about 6.1 billion yen for Oshima Shipbuilding, about 15.6 billion yen for Kawasaki Heavy Industries, about 32 billion yen for the Shin Kurushima Dockyard group, about 4.3 billion yen for Naikai Zosen, and about 40 billion yen for Mitsubishi Shipbuilding. Combined with the first round of three projects, including support already decided for Imabari Shipbuilding, public and private investment over the next ten years will reach roughly 900 billion yen, of which up to about 311 billion yen will be provided as support.

Japan's Ministry of Land, Infrastructure, Transport and Tourism announced on the 11th that, as the second round of measures to revive the domestic shipbuilding industry, it has decided to provide up to 98 billion yen in support for capital investment plans by five companies: Oshima Shipbuilding, Kawasaki Heavy Industries, Shin Kurushima Dockyard, Naikai Zosen, and Mitsubishi Shipbuilding. The support will be granted through a 350 billion yen shipbuilding industry revival fund. The subsidies amount to about 6.1 billion yen for Oshima Shipbuilding, about 15.6 billion yen for Kawasaki Heavy Industries, about 32 billion yen for the Shin Kurushima Dockyard group, about 4.3 billion yen for Naikai Zosen, and about 40 billion yen for Mitsubishi Shipbuilding. This second round, together with the three first-round projects already decided, including support for Imabari Shipbuilding, forms part of a framework that will bring public and private investment over the next ten years to roughly 900 billion yen, of which up to about 311 billion yen will be provided as support.

Tris Rating has affirmed the corporate rating and the rating of the current senior unsecured debentures of Thoresen Thai Agencies Public Company Limited, or TTA, at BBB with a Stable outlook. At the same time, it has assigned a BBB rating to the company's new senior unsecured debentures, with a limit of up to 1.7 billion baht. The company will use the proceeds from this bond issuance to repay maturing debt. Tris Rating expects the company's average freight rate to be 16,800 US dollars per day per vessel in 2026, before declining to 14,500 US dollars in 2027 and 12,500 US dollars in 2028. It expects total revenue to be 25.4 billion baht in 2026 and 26 to 27 billion baht per year during 2027 to 2028, with an EBITDA margin of 13% to 14% during 2026 to 2027, before falling to about 11% in 2028. As for the offshore services business through Mermaid Maritime Public Company Limited, or MML, in which the company holds a 68.4% stake, the value of its service contract backlog as of June 2026 stood at 750 million US dollars, comprising 76% IRM work, 14% decommissioning, transportation and installation work, and 10% cable laying work. The credit rating is constrained by the volatility and cyclicality of the core business, as well as the company's high-risk financial policy, particularly investments in digital assets with no clear limits. As of June 30, 2026, the company held approximately 5.8 billion baht in digital assets, compared with cash and cash equivalents of 8.4 billion baht and total liabilities of 11.3 billion baht.

TRIS Rating has affirmed the corporate rating and the senior unsecured bond rating of Thoresen Thai Agencies Public Company Limited, or TTA, at BBB with a stable outlook, and has also assigned a BBB rating to a new tranche of senior unsecured bonds with a limit of up to 1.7 billion baht, which the company will use to repay maturing bonds. TRIS Rating stated that the affirmation reflects TTA's strength as one of the world's leading shipping operators and the continued growth of its offshore services business, the two core businesses that generate stable cash flow and operating results. In the first six months of 2026, Thoresen Shipping recorded an average time charter equivalent rate of 16,614 US dollars per vessel per day, 14 percent higher than the net market charter rate for Supramax vessels, while Mermaid Maritime had a backlog of service contracts worth approximately 750 million US dollars as of the end of June 2026, mostly subsea engineering work, and TRIS Rating expects Mermaid's revenue to increase by about 19 percent during 2027-2028 compared with 2026. On the financial side, as of the end of June 2026, TTA had cash and cash equivalents of approximately 8.4 billion baht and a net interest-bearing debt to equity ratio of only 0.07 times, below the covenant requirement of no more than 2.0 times.

KAP Ltd reported an 88% jump in headline earnings per share to ZAR0.452 for its 2026 fiscal year, even as impairments of ZAR1.568 billion pushed the group to a loss per share of ZAR0.048. Revenue held steady at ZAR29.6 billion, while EBITDA rose 13% to ZAR3.9 billion and operating profit before capital items climbed 28% to ZAR2.5 billion, lifting the operating margin by 190 basis points to 8.4%. Net interest-bearing debt fell 14% to ZAR7 billion, exceeding the company's ZAR500 million reduction target, and net debt-to-EBITDA improved to 1.8 times with EBITDA interest cover at 4.6 times. Among the group's units, PG Bison revenue rose 15% and operating profit 30% on a 13% increase in panel sales volumes, Unitrans operating profit rose 41% despite a 7% revenue decline, and Feltex operating profit jumped 63% to ZAR270 million at an 18% return on capital employed, while Sleep Group operating profit fell 26% and Optix revenue dropped 10%. The company said it targets a further ZAR500 million net debt reduction in FY27 and flagged ZAR1.3 billion to ZAR1.5 billion of catch-up capital expenditure required in Unitrans over the next few years.

EdgeCortix Inc. and Kawasaki Heavy Industries have signed a multi-year Teaming Agreement to advance next-generation AI-enabled aerial defense systems, with an initial program value of several million U.S. dollars across 2026 to 2028. The collaboration combines Kawasaki's aerospace and defense expertise with EdgeCortix's chiplet-based AI computing platform and MERA software to enhance the intelligence, adaptability, and energy efficiency of future mission systems. The companies will jointly conduct technology development, feasibility studies, system integration, and prototype development, with plans to expand scope as milestones are achieved. EdgeCortix CEO Dr. Sakyasingha Dasgupta called the agreement a significant commercial and strategic milestone, noting the need for substantial AI computing within tight power and thermal constraints in next-generation aerial defense platforms.

Jianfeng Group announced that its subsidiary Jianfeng Beika has received the Chemical API Marketing Application Approval Notice for methyldopa from the National Medical Products Administration, valid until August 24, 2031. Methyldopa was developed by Merck Sharp and Dohme and approved for marketing in the United States in 1962. It is the world's first-generation centrally acting antihypertensive drug and a classic first-choice medication for hypertension during pregnancy. Jianfeng Beika submitted its technical review application in March 2025, with cumulative research and development investment of approximately 3.36 million yuan. The company stated that this approval indicates the API meets relevant national technical review standards and can be sold in the domestic market, helping to expand the subsidiary's business areas.

Fosun International held its 2026 interim results presentation in Hong Kong on August 28, marking its first such event in the city in six years. The company reported total revenue of RMB86.96 billion for the first half, with profit attributable to owners of the parent surging 160.3% year-on-year to RMB1.72 billion. Overseas revenue reached RMB49.16 billion, accounting for 56.5% of total revenue. Chairman Guo Guangchang attributed the results to strategic adjustments, including "repairing the roof on a sunny day," and said the company will focus on industries where it holds competitive advantages. The four core companies—Fosun Pharma, Yuyuan, Fosun Insurance Portugal (Fidelidade), and the Tourism segment—contributed 73.5% of total revenue. Technology innovation investment rose 16.7% to RMB4.2 billion. The board maintains a medium-term target of restoring annual profit to the RMB10 billion level.

Deputy Prime Minister and Minister of Higher Education, Science, Research and Innovation, Professor Dr. Yoschanin Wongsawat, along with Deputy Minister of Agriculture and Cooperatives, Miss Piyarat Chaiyaphruek, visited Chiang Rai Province to follow up on the progress of the "No Burn, Wallet" project under the PMUC Zero Burn to Earn initiative, which aims to address the burning of agricultural waste through economic mechanisms. The project builds on the success in Chiang Mai Province two months ago and aims to expand across the North and the entire country. The key mechanism is creating a market for purchasing agricultural waste, with the Ministry of Higher Education, Science, Research and Innovation collaborating with five private companies: Precision Corporation Public Company Limited, Sahacogen Green Company Limited, Green Leaf Power Company Limited, EPC Sustainable Energy Company Limited, and Siam Wattana Company Limited. Under a one-year cooperation, agreements have been signed to purchase a total of 40,000 tons of agricultural waste, valued at over 30 million baht per year, to be processed into biomass pellets, mechanical pulp for packaging, biochar, and fiber insulation. In the first four months of the project, from eight pilot routes, 330,000 kilograms of waste have been brought into the system, helping reduce PM2.5 dust by approximately 270 kilograms. For the five-year goal, the project aims to expand coverage across the North, bringing a total of 200,000 tons of waste into the system, generating over 3 billion baht in economic value, and reducing cumulative PM2.5 dust by approximately 1.6 million kilograms.

Fosun International reported a 160.3% year-on-year surge in net profit attributable to owners of the parent to RMB1.72 billion for the first half of 2026, driven by higher industrial operating profit and lower finance costs. Total revenue rose 3% to RMB86.96 billion, with core revenue of RMB63.88 billion accounting for 5% of the group total, up 4.6% excluding currency effects. Industrial operating profit grew 17% to RMB3.69 billion, while the company reduced group-level interest-bearing debt from RMB89.9 billion at end-2025 to RMB85.4 billion by June 2026, targeting RMB60 billion in the medium term. The insurance segment was a key driver, with total premiums reaching RMB52.7 billion, and overseas revenue accounted for 56% of the total. Fosun also committed to a dividend payout ratio of 35% for fiscal 2026, with expected dividends of no less than HK$1.5 billion and planned share purchases of up to HK$500 million by major shareholders.

Club Med Lifestyle Group, a subsidiary of Fosun International Limited, has submitted a listing application to the Hong Kong Stock Exchange for a proposed separate listing on the Main Board, with BNP Paribas, HSBC, and J.P. Morgan as joint sponsors. The group, which operates premium all-inclusive resorts under the Club Med brand, reported revenue of EUR 1.95 billion in 2025, up from EUR 1.86 billion in 2023, and adjusted EBITDA of EUR 390 million, with the margin rising to 20.2%. It currently operates 69 resorts worldwide and expects to expand to approximately 85 resorts by 2030. Proceeds from the listing will primarily fund global resort network expansion, vacation offering upgrades, and digital and AI capabilities, with the remainder used for capital structure optimization and operations. Chairman Xu Xiaoliang called the filing an important milestone for Fosun's tourism business.

Fosun International's subsidiary, Club Med Lifestyle Group, has submitted a listing application to the Hong Kong Stock Exchange for a proposed separate listing on the Main Board. The group, which operates 69 premium resorts under the Club Med brand, was the world's largest all-inclusive resort brand by 2025 business volume. Its revenue grew from EUR1.86 billion in 2023 to EUR1.95 billion in 2025, with gross profit rising from EUR540 million to EUR590 million and adjusted EBITDA reaching EUR390 million in 2025, corresponding to a 20.2% margin. The company expects to operate approximately 85 resorts worldwide by 2030, using listing proceeds to expand its network, upgrade offerings, and strengthen digital and AI capabilities, with the remainder for capital structure optimization and operations.

Arendals Fossekompani ASA reported second-quarter operating profit of NOK123 million, up from NOK32 million a year earlier, driven by strong hydropower, ENRX, and Tekna performances. Group revenue declined 2% to NOK884 million, while earnings after tax were negative NOK23 million due to impairments and a high effective tax rate. Volue revenue rose 15% to EUR37.6 million with recurring revenue up 17%, and Tekna posted its fourth consecutive quarter of positive adjusted EBITDA with record order intake. Hydropower production more than doubled to 124 GWh, contributing NOK104 million in operating profit at an 80% margin.

Yueda Investment released its 2026 interim report, with net profit attributable to the parent company of 59.1334 million yuan, up 321.64% from the same period last year, marking a second consecutive year of growth. The company's total operating revenue was 1.475 billion yuan, up 8.59% year on year; net cash inflow from operating activities was 170 million yuan, up 2,940.53% year on year. The company's latest asset-liability ratio was 50.22%, gross margin was 11.57%, ROE was 1.38%, and diluted earnings per share was 0.07 yuan.

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.

Mitsubishi Electric announced on the 20th that it will acquire PCI Energy Solutions, a major US software developer that manages power trading and other operations, for 1.4 billion dollars, or approximately 220 billion yen. By combining PCI's capabilities with Mitsubishi Electric's power control technologies and equipment, the company aims to provide smart energy services worldwide that optimize overall energy use. This is the largest acquisition in Mitsubishi Electric's history, and the deal is expected to be completed within the year after obtaining regulatory approval. PCI will become a wholly owned subsidiary of Mitsubishi Electric.

Mitsubishi Electric announced on the 20th that it will acquire PCI Energy Solutions, a major U.S. software developer that manages power transactions and other operations, for 1.4 billion dollars, or about 220 billion yen. By combining PCI's capabilities with Mitsubishi Electric's power control technologies and equipment, the company aims to offer smart energy services worldwide that optimize overall energy use. This is Mitsubishi Electric's largest acquisition to date, and the deal is expected to close within the year after obtaining regulatory approvals. PCI will become a wholly owned subsidiary of Mitsubishi Electric.

Thoresen Thai Agencies Public Company Limited, or TTA, announced that Thoresen Shipping, its dry bulk shipping business, has acquired M.V. Thor Dan Siam, a Handysize dry bulk carrier built in 2016 with a deadweight capacity of 34,407 tonnes and an age of about 9.7 years. This is the second vessel added in 2026, following M.V. Thor Phra Samut, an Ultramax that joined the fleet in July. After delivery, Thoresen Shipping owns a total fleet of 25 vessels, comprising 21 Supramax, 3 Ultramax and 1 Handysize, with total deadweight capacity of 1,390,666 tonnes and an average fleet age of 16.9 years. In the first six months of 2026, the shipping business group achieved an average time charter equivalent of 16,614 US dollars per vessel per day, 14 percent above the net Supramax market rate, and the company was ranked first in the world for time charter equivalent performance, staying in the top five for eight consecutive years.

Thoresen Shipping, the dry bulk shipping business under Thoresen Thai Agencies, has acquired M.V. Thor Dan Siam, a Handysize dry bulk carrier built in 2016 with a deadweight tonnage of 34,407 and an age of approximately 9.7 years. This is the second vessel Thoresen Shipping has added in 2026, following the earlier acquisition of M.V. Thor Phra Samut, an Ultramax dry bulk carrier that joined the fleet in July. Adding two vessels in the same year reflects Thoresen Shipping's fleet management strategy of balancing size, agility, and efficiency, with a fleet spanning Handysize, Supramax, and Ultramax to increase flexibility in accommodating diverse cargoes, trade routes, and port restrictions. This reinforces its standing as a world-class fleet and its number one ranking in fleet operational efficiency in 2025. In the first six months of 2026, the shipping business group achieved an average time charter equivalent of 16,614 US dollars per vessel per day, 14 percent above the net Supramax market rate, demonstrating its ability to manage the fleet and consistently deliver above-market returns. Following the delivery, Thoresen Shipping owns a total of 25 vessels, comprising 21 Supramax, 3 Ultramax, and 1 Handysize, with a total deadweight tonnage of 1,390,666, an average deadweight tonnage of 55,627, and an average fleet age of 16.9 years.

Thoresen Thai Agencies Public Company Limited, or TTA, announced that Thoresen Shipping, a subsidiary, has acquired the dry bulk carrier M.V. Thor Dan Siam, a Handysize vessel with a deadweight capacity of 34,407 tonnes and an age of about 9.7 years, to strengthen its fleet. This is the second vessel Thoresen Shipping has added in 2026, following the M.V. Thor Phra Samut, an Ultramax that joined the fleet in July. After delivery, Thoresen Shipping owns a total of 25 vessels, comprising 21 Supramax, 3 Ultramax and 1 Handysize, with total deadweight capacity of 1,390,666 tonnes and an average fleet age of 16.9 years. In the first six months of 2026, the shipping business group achieved an average time charter equivalent of 16,614 US dollars per vessel per day, 14 percent above the net Supramax market rate.