Thailand-based dry bulk shipping company Precious Shipping is advancing its fleet renewal plan and has agreed to acquire two new Ultramax bulk carriers currently under construction at a Chinese shipyard.
Precious announced that it will acquire two 66,000 DWT Ultramax bulk carriers from Singapore-based shipowner Jaldhi Overseas. The two newbuilds are currently under construction at Yangzi-Mitsui Shipbuilding, a subsidiary of Yangzijiang Shipbuilding Group, and will join Precious’ fleet upon delivery through its newly established Singapore subsidiary.
Jaldhi Overseas ordered four Ultramax bulk carriers from Yangzi-Mitsui Shipbuilding in 2022. The two vessels being sold are scheduled for delivery in January 2026.
The total transaction value stands at $74.5 million, with each vessel priced at $37.25 million, continuing Precious’ accelerated investment momentum since last year. In 2024, Precious ordered four 63,500 DWT Ultramax bulk carriers from Taizhou Sanfu Shipbuilding at $33.6 million per vessel, with delivery scheduled for 2026 and 2027.
Meanwhile, Precious has also been active in the second-hand vessel market recently. Earlier this year, the company acquired two 66,000 DWT Ultramax bulk carriers—the Jal Kalpavriksh and Jal Kalpataru—built by Japanese shipyards from Japan’s Don Kisen at approximately $33 million per vessel. Built in 2021, these vessels are the newest additions to Precious’ fleet and were previously managed by Jaldhi Overseas.
Additionally, Precious recently sold the 2010-built bulk carrier Warisa Naree for $9.5 million, with delivery to the new owner scheduled for December 20 this year. This move aims to gradually phase out aging vessels from the fleet.
Precious stated that the company’s recent series of transactions are part of its long-term development plan, with the ultimate goal of fleet renewal through the sale of older vessels and the acquisition of modern vessels.
Precious Shipping’s official website indicates that the company was established in December 1989 and listed on the Stock Exchange of Thailand on September 16, 1993. After years of development, it will operate a fleet of 46 vessels upon delivery of two resold newbuilds, four custom-ordered newbuilds, and one used vessel for sale.