Thoresen Thai Agencies Public Company Limited $(TTA.AU)$ reported strong financial results for the first half of 2025, with revenues reaching Baht 14,522.1 million and net profits amounting to Baht 942.4 million. This performance was predominantly driven by the Shipping and Other Investments segments. The Shipping segment notably achieved a TCE rate 31% above the market average, contributing a net profit of Baht 337.9 million in the second quarter of 2025, marking a 95% increase compared to the previous quarter. The Offshore Service segment also demonstrated robust performance, maintaining an order book valued at US$ 688.1 million and contributing a positive EBITDA of Baht 64.1 million. The Agrochemical segment saw revenue increases, with PM Thoresen Asia Holdings Public Company Limited recording revenue of Baht 1,072.5 million, a 16% increase quarter-on-quarter, driven by a strong domestic fertilizer sales volume in Vietnam. Despite a 7% year-on-year decline in freight revenues due to a decrease in the market Supramax freight rate, the Shipping segment managed to slightly increase revenues by 1% quarter-on-quarter. The segment maintained full fleet utilization and achieved an operating efficiency with OPEX recorded at US$ 4,600 per day, 13% below the industry average. Overall, TTA's performance in the first half of 2025 reflects strategic investments and a solid financial position, underpinned by net cash from operating activities of Baht 1,607.6 million and Baht 5.7 billion in cash under management, with a low debt-to-equity ratio of 0.37 times.