Thai-listed shipowner and operator Precious Shipping, under the leadership of Managing Director Khalid M Hashim, is advancing its fleet modernization efforts by offloading the 2013-constructed supramax bulk carrier, the 53K DWT MV Wikanda Naree. Precious Shipping is finalizing the sale of the supramax bulk carrier, MV Wikanda Naree, for approximately $13.5 million. Constructed at the Hindustan Shipyard in India, the MV Wikanda Naree is slated for handover by April 8, 2024. Precious Shipping has stated that this transaction aligns with its strategic plan of rejuvenating its fleet, which involves phasing out older vessels in favor of acquiring newer ones. The 2013-built supramax bulk carrier, the 53K DWT MV Wikanda Naree, marks the second vessel Precious Shipping has sold in 2024, following the sale of the MV Rattana Naree for roughly $6.5 million. In contrast, the company welcomed the 2018-built handysize bulk carrier, the 39K DWT MV Interlink Amenity, into its fleet for an estimated $25.5 million. With the recent sale of the MV Wikanda Naree and the incorporation of the MV Interlink Amenity, Precious Shipping’s fleet will comprise 37 bulk carriers. 5-April-2024
The Thailand-listed shipowner and operator, Precious Shipping, has strategically expanded its fleet with the recent acquisition of a handymax bulk carrier, reinforcing its commitment to enhancing the fleet’s modernity and efficiency. Led by CEO Khalid Hashim, the company is renowned for its proactive approach to fleet management, aiming to reduce the average age of its vessels and improve their operational capabilities. This latest acquisition underscores Precious Shipping’s ongoing efforts to optimize its fleet in line with industry best practices. In a significant move within the secondhand market, Precious Shipping has successfully secured a modern handymax bulk carrier, as confirmed in a regulatory disclosure to the Stock Exchange of Thailand (SET). The purchase reflects the company’s strategic investment in quality vessels to bolster its competitive edge in the global shipping industry. The vessel in question, the 2018-built, 39K DWT MV Interlink Amenity, was acquired for approximately $25.25 million from the Bermuda-based shipowner and operator, Interlink Maritime. This acquisition highlights Precious Shipping’s ability to identify and invest in high-value assets that complement its existing fleet’s operational needs. Further emphasizing its strategic vision, Precious Shipping announced that the Chinese-constructed MV Interlink Amenity is slated for delivery by the end of April 2024. Upon its arrival, the vessel will be registered under the Singapore Flag, a testament to Precious Shipping’s commitment to adhering to the highest standards of international shipping regulations and practices. Precious Shipping, with its robust portfolio of vessels, continues to play a pivotal role in the dry bulk shipping sector, specializing in the transportation of various commodities including agricultural products, cement, and steel. The company’s strategic acquisitions and fleet management practices not only enhance its service offerings but also contribute to its reputation as a leading player in the global maritime industry. This recent acquisition aligns with Precious Shipping’s long-term growth strategy, aiming to bolster its fleet’s efficiency and environmental performance. The company remains dedicated to investing in environmentally friendly technologies and practices, showcasing its commitment to sustainable operations and reducing the maritime industry’s carbon footprint. With a history of strategic fleet expansions and upgrades, Precious Shipping is poised for continued success in the competitive maritime sector. Its focus on acquiring modern, efficient vessels like the MV Interlink Amenity reinforces its position as a forward-thinking shipowner and operator committed to excellence and sustainability in the shipping industry. 9-March-2024
Thai-listed shipowner and operator Precious Shipping, under the leadership of Managing Director Khalid M Hashim, has successfully obtained funding from the International Finance Corporation (IFC), Export-Import Bank of Thailand, and Credit Agricole Corporate and Investment Bank. This financing arrangement has provided Precious Shipping with fresh sale and purchase (S&P) cash, yet the company is not in a hurry to deploy these funds. The Thailand-based shipowner and operator Precious Shipping has secured a sustainability-linked loan of $105 million, earmarked for the acquisition of up to six (6)bulk carriers. Despite this significant financial infusion, Bangkok-based shipowner and operator Precious Shipping is taking a cautious approach. Precious Shippinghas indicated that there’s no immediate urgency to expend this new capital. The loan’s terms include a two-year period during which the funds can be drawn down, affording Precious Shipping the flexibility and time to wait for the most opportune moment to invest in new bulk carriers. 10-November-2023
Thai-listed shipowner and operator Precious Shipping’s earnings plummet amidst diminishing rates and escalating expenses. Languid dry bulk markets combined with surging expenses tarnish the Khalid Hashim-led shipowner and operator Precious Shipping’s aspirations for another unprecedented annum. Bangkok-based shipowner and operator Precious Shipping attributes the substantial decline in their mid-year profits for 2023 to an adverse dry bulk shipping market and mounting operational expenditures. Elevated dry-docking expenses considerably eroded Precious Shipping’s profits in H1 2023. Thai-listed shipowner and operator Precious Shipping reported a $10.5 million net profit for H1 2023. 7-August-2023
Thai-listed shipowner and operator Precious Shipping displays a bullish stance despite witnessing a sharp decline in profits, which is primarily attributed to lower rates and increased costs. Nevertheless, Khalid Hashim-led shipowner and operator Precious Shipping remains optimistic about the supramax segment’s prospects, owing to its high versatility and low order book. Despite the Thai-listed shipowner and operator Precious Shipping’s net profit plummeting by 93.8% year on year, CEO Khalid Hashim continues to maintain a positive outlook towards this particular sector. Bangkok-based Precious Shipping recently released the company’s Q1 earnings, which amounted to $2.36 million. It is noteworthy that despite experiencing a weak fourth quarter, Precious Shipping achieved a record profit in 2022. The drop in earnings from the $38 million earned during the same quarter in 2022 is primarily attributed to the low freight rates and higher operating costs in handy and supramax sectors. Currently, Thailand-based shipowner and operator Precious Shipping has a fleet of 38 bulk carriers.9-May-2023
Thai-listed shipowner and operator Precious Shipping reported a net profit of $136 million for 2021. Khalid Hashim-led shipowner and operator Precious Shipping appreciated a remarkably robust in Q4 2021. Precious Shipping reported the highest earnings $50K per day per ship in Q4 2021. In Q4 2021, the Baltic Handy Size Index (BHSI) averaged 1,743 points, as derived from an average Time Charter Rate of $31,370 per day. In Q4 2021, Khalid Hashim-led shipowner and operator Precious Shipping handysize fleet gained $25,062 per day per ship. Likewise, in Q4 2021, the Baltic Supramax Index (BSI) averaged 2,771 points, as derived from an average Time Charter Rate of $30,472 per day. In Q4 2021, Thai-listed shipowner and operator Precious Shipping supramax fleet gained $27,958 per day per ship. Thai-listed shipowner and operator Precious Shipping explained that the company’s bulk carriers were different from the calculated index bulk carriers. Furthermore, Khalid Hashim-led shipowner and operator Precious Shipping expressed that most of the fleet has been fixed on flat rates for long-term charters. In Q4 2021, the Baltic Dry Index (BDI) reached 5,650 points. Demand and supply for dry bulk carriers in Q1 2021 were in immaculate balance. Thereafter, China Evergrande collapsed and China levied authoritarian anti-pollution rules on coal-fired power plants. China decreased steel production which decreased ton-mile demand. Therefore, dry bulk carrier time charter rates plunged in Q4 2021. Chinese government’s determinations have trimmed dry bulk shipping demand, but when flipped, they will permit demand to grow once again. 14-February-2022
Thai-listed shipowner and operator Precious Shipping controlled 2012 built supramax bulk carrier 56K DWT MV Chayanee Naree was arrested by Nigerian authorities as part of a probe into drugs found on board. Furthermore, MV Chayanee Naree’s crew members have been detained, but no charges have yet been filed. Bangkok-based shipowner and operator Precious Shipping controlled MV Chayanee Naree was loaded with sugar cargo and hidden drugs in a hold on 13 October in Lagos. Previously, other narcotics were found at the load port of Santos in Brazil in September, but the MV Chayanee Naree and seafarers were cleared to sail to Nigeria. Precious Shipping’s attorneys proposed to meet the seafarers, however, they were disallowed access by the authorities. Precious Shipping controlled 2012 built supramax bulk carrier 56K DWT MV Chayanee Naree’s arrest will be for an introductory period of 14 days while probes by the National Drug Law Enforcement Agency continue. Precious Shipping has been operating jointly with our insurance company and legal counsel to settle this case as early as possible. Thai-listed shipowner and operator Precious Shipping has denied any links to the drugs. 1-November-2021
Thai-listed shipowner and operator Precious Shipping explained that historically low fleet growth and world economic stimulus should turn into multi-year strong ton-mile demand growth. Bangkok-based Precious Shipping anticipates a strong dry bulk shipping market in 2021 and 2022. Precious Shipping reported a profit of $12.3 million in Q1 2021. Precious Shipping reported an average TCE (Time Charter Equivalent) of $12,157 per day per ship in Q1 2021. Khalid Hashim-led Precious Shipping announced the new ship order book to the existing fleet ratio of 5.56% in Q1 2021 was the lowest since 2000. According to Precious Shipping, dry bulk shipowners are going to make money over the next few years, even if there is minimal scrapping. Precious Shipping foresees that the dry bulk market would further benefit from this tightening of available vessels on the supply side. Thailand-based shipowner and operator Precious Shipping has a fleet of 36 bulk carriers. 12-May-2021
Bangkok-based shipowner and operator Precious Shipping reported a $37 million net loss in Q2 2020 due to coronavirus recession and settlement with Sainty Marine. Thailand Stock Exchange-listed Precious Shipping’s net loss included a charge of $27 million related to the settlement of its long-running dispute with the shipyard over eleven (11) ultramax bulker carriers. Precious Shipping agreed to the settlement to receive cash as soon as possible and to save additional legal costs. Furthermore, Precious Shipping hurt by the weaker dry cargo market during Q2 2020. In Q2 2020, Precious Shipping’s bulk carriers earned $6,099 per day. According to Precious Shipping, Q2 2020 was far more challenging due to coronavirus lockdown in China. However, Bangkok based shipowner and operator Precious Shipping is optimistic about the future bulk market. Currently, China accounts for 40% dry cargo movement and the rest of the world accounts for 60% of dry cargo movement. Therefore, Q2 2020 was hurt by lockdowns due to coronavirus. In Q2 2020, Precious Shipping had favorably improved the terms of two (2) outstanding loans. 10-August-2020
Bangkok-based shipowner and operator Precious Shipping won the case in the High Court against Chinese shipyard. United Kingdom Commercial Court dismissed an attempt by Jiangsu Guoxin Shipyard to reverse arbitration awards made in 2018 for canceled bulk carrier contracts. In 2013, Thailand Stock Exchange-listed Precious Shipping ordered ultramax bulk carriers at Chiese shipyard through the amended Shipbuilders Association of Japan (SAJ) form. After the delivery of new-building bulk carriers, Precious Shipping rejected ships due to faulty design and built. Chinese shipyard claimed that bulk carriers were repaired before delivering to the shipowner. After the Chinese shipyard missed the contractual delivery date, Precious Shipping annulled the contracts. United Kingdom Commercial Court acknowledged that the prevention principle did not apply to an amended Shipbuilders Association of Japan (SAJ) Form shipbuilding contract. Therefore, the Chinese shipyard obliged to give notice or communicate with Precious Shipping if the Chinese shipyard required to postpone ship delivery dates. However, in an unprecedented move for a first instance court, the judge permitted for Chinese shipyard to take the case to the Court of Appeal. Shipbuilders Association of Japan (SAJ) Form explicitly states that notification and communication are essential to postponing delivery and cancellation dates. Court of Appeal asserted that conventional notice is required when a shipyard attempts to postpone a newbuilding’s delivery date. Court of Appeal dismissed the case. 11-May-2020
Thailand-based shipowner and operator Precious Shipping recommends dry bulk shipping companies to scrap vessels and hold off on ordering new bulk carriers. Thai-listed shipowner and operator Precious Shipping advises to lower ship supply through recycling and shipowners should refrain from ordering new ships. Precious Shipping stated factors like the US-China trade war, slowing GDP growth, accidents at Vale’s iron mine, and weather-related slowdowns in Australia have all affected the dry bulk shipping market. In Q4 2019, Precious Shipping reported a net profit of $0.94 million. Precious Shipping is more positive about prospects for 2020. 11-February-2020
Thailand-based shipowner and operator Precious Shipping is borrowing $28 million from the Export-Import Bank of Thailand. $28 million is allocated for acquiring second-hand supramax and ultramax bulk carriers. $28 million loan is secured by mortgages on five (5) Precious Shipping’s bulk carriers. Khalid Hashim-led Precious Shipping reported a net loss of $960K in Q3 2019. 20-December-2019
Bangkok-based shipowner and operator Precious Shipping is anticipating a pleasant effect from IMO (International Maritime Organization) 2020 low-sulfur rules in 2020. According to Precious Shipping, handy bulk carrier supply will be limited by slow-steaming and scrapping. Thai-listed shipowner and operator Precious Shipping explained that in the handy bulk segment, just 4% of bulk carriers are programmed to fit scrubbers, whilst most handy bulk shipowners are planning to burn LSFO (Low Sulphur Fuel Oil). Precious Shipping predicts that due to the higher cost of LSFO (Low Sulphur Fuel Oil), bulk carrier speeds will be slowed. According to Precious Shipping, new bulk carrier deliveries will not be able to match the reduction in supply due to increased scrapping and slow-steaming. Thai-listed shipowner and operator Precious Shipping reported a net loss of $0.96 million in Q3 2019. 7-November-2019
Thai-listed shipowner and operator Precious Shipping reported a net deficit of $2.6 million in Q1 2019. Khalid Hashim-led Precious Shipping reported EBITDA of $10.6 million. Precious Shipping reported total revenue of $30.5 million. Bangkok-based shipowner and operator Precious Shipping had outperformed the key bulker indices. Due to robust demand from minor bulks, Precious Shipping has not been affected by Vale’s dam disaster. According to Precious Shipping, trade tariffs have naturally change the origination of cargoes and make the shipping route more inefficient resulting in larger ton-miles sailed. 7-May-2019
Bangkok-based shipowner and operator Precious Shipping lost $32 million arbitration battle and have to pay award to Chinese shipyard over claims that a series of dry bulk carriers did not meet fuel-saving specifications. Chinese shipyard Taizhou Sanfu Ship Engineering won the arbitration battle and London-based arbitrators ruled that Precious Shipping could not withhold payments because the fuel consumption of super-eco dry bulk carriers was higher than specified in the contracts. Precious Shipping CEO Khalid Hashim explained that consumption was as per specification during the shop test but sea trials showed that fuel consumption was between 11% and 17% above what was warranted in the contract. Precious Shipping accepts the arbitration ruling and won’t be appealing. 3-November-2017
Precious Shipping’s 2008 built handysize dry bulk carrier 30K DWT M/V Mallika Naree run aground in Elizabeth River Norfolk, Virginia in the USA and no pollution has been reported. American tugs refloated M/V Mallika Naree and steamed to a nearby anchorage. M/V Mallika Naree was carrying cement and steel from France to Virginia. 2-July-2017
Thailand based shipowner and operator Precious Shipping posted a $19 million loss in 2016 after losing money on 13 dry bulk carrier sales. Thailand based shipowner and operator Precious Shipping now operating 32 dry bulk carriers and 2 new building orders in China. 8-February-2017
Precious Shipping canceled 3 ultramax new-buildings in Chinese Shipyard called Taizhou Sanfu Ship Engineering. Previously, Precious Shipping ordered Taizhou Sanfu Ship Engineering 10 dry bulk carriers which is costing $27 million each. Precious Shipping was dissatisfied with the performance of the 63K DWT ultramax bulk carriers which did not deliver the promised fuel savings. Chinese shipyard will give a $2 million discount on delivered ultramax bulk carriers and canceled 3 ultramax newbuilding orders. Precious Shipping asking $4 million per dry bulk carrier in damages for breach of contract which is arbitrated in London. 28-April-2016