Thoresen Thai Agencies (TTA) has given an upbeat assessment of its prospects for 2023 after posting a weak start to the financial year.

The Thai bulker and offshore player saw its first quarter net profit decline 78% year-on-year to THB 215m ($6.3m), in figures released Tuesday.

“Against the lower freight rate due to low season in the first quarter, Thoresen Shipping achieved a net TCE of $13,718 per day, outperforming the net supramax time charter rate of $9,662 by 42%,” said chief executive Chalermchai Mahagitsiri.