Precious Shipping continues fleet renewal with supramax sale
Thai dry bulk owner Precious Shipping has sold a 2011-built supramax and taken delivery of a new ultramax as part of its ongoing fleet modernisation programme.
Bangkok-listed dry bulk operator Precious Shipping is continuing its fleet renewal strategy through the divestment of an older supramax vessel. As reported by Asia Shipping Media, the company has agreed to sell the 2011-built, 56,920 dwt Kanchana Naree for approximately $14.6 million. This transaction aligns with the firm’s multi-year objective to phase out older, less efficient handysize and supramax tonnage in favour of larger, more modern ultramax units. The move is designed to enhance the company’s average carrying capacity while simultaneously reducing overall fuel consumption across its managed fleet.
On the same day as the supramax sale, Precious Shipping took delivery of the 63,500 dwt ultramax Ratima Naree from the Taizhou Sanfu shipyard in China. This vessel represents the second unit in a four-ship series ordered from the yard in May 2024 for a total investment of $133.46 million. The first vessel in this programme, the Rossarin Naree, was delivered in late May. The company anticipates taking delivery of another ultramax in the fourth quarter, with the final unit of the series scheduled to join the fleet in the first quarter of 2027.
Upon the conclusion of this current newbuilding programme, the company expects to operate a total of 17 ultramax vessels. The latest delivery highlights a long-standing relationship with Taizhou Sanfu, which also constructed the Kanchana Naree in 2011. Since that time, Precious Shipping has shifted its strategic focus toward younger tonnage of approximately 64,000 dwt. This overhaul process has involved a series of disposals of older assets alongside the acquisition of younger secondhand vessels and the implementation of the newbuilding programme to modernise its operational profile.
At the close of June, Precious Shipping maintained a fleet of 42 vessels, representing a total capacity of nearly 2 million dwt. Beyond its traditional dry bulk operations, the company has begun to diversify its business interests. This strategic expansion includes entering the MR product tanker sector, with the firm agreeing in May to incorporate a second tanker into its portfolio through a 45% owned joint venture. These developments reflect the company's broader efforts to optimise its asset base and explore new segments within the maritime industry.
