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June 1, 2022

Precious Shipping acquires two handysize bulker vessels for $51m

Currently sailing under the Liberian flag, both carriers will be converted to a Thai flag after delivery.

Thailand-based Precious Shipping has purchased two secondhand handysize bulk carriers for $51m through its subsidiaries.

MV Nordic Seoul was acquired by Precious Stones Shipping for $25m, while MV Nordic Busan was purchased by Precious Jasmines for $26m.

The 2017-built MV Nordic Seoul is slated to be delivered by the end of the month.

Built in 2018, MV Nordic Busan is expected to be delivered between 20 June and 3 August.

Both vessels were constructed in China with a deadweight tonnage (dwt) of around 35,882.

Currently sailing under the Liberian flag, both carriers will be converted to a Thai flag after delivery.

This deal is said to align with the firm’s plan to ‘capture the current robust market conditions and to have a more fuel-efficient fleet’.

The company will have 38 vessels with an aggregate capacity of around 1,657,569dwt after the takeover of these two vessels.

Precious Shipping will fund the acquisition using internal cash reserves and debt financing from credit facilities.

Founded in 1989, Precious Shipping focuses on the handysize, supramax and ultramax sectors of the tramp freight market.

In 1991, the pure dry cargo shipowner started commercial operations after securing approval from the Bank of Thailand and the Board of Investment.

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