Precious Shipping Makes Bold Move in Bulker Market
In a significant development in the dry bulk shipping sector, Thailand’s Precious Shipping has secured two Japanese-built ultramaxes for nearly $66 million, outbidding competitors in the process. This aggressive acquisition marks the company’s third modern purchase of the year, solidifying its position in the highly active ultramax segment. The deal highlights the continued demand for modern vessels, particularly those constructed in Japan.
Strategic Acquisition Sets New Market Benchmarks
Precious Shipping’s latest deal involves the purchase of the Jal Kalpavriksh and Jal Kalpataru, both boasting a deadweight tonnage of 66,000 and built in 2021 by Mitsui in Japan. The company is acquiring these vessels from Jaldhi Overseas at a price of approximately $33 million each, setting new benchmarks in the ultramax market. This strategic move underscores the ongoing liquidity and competitiveness in this segment of the dry bulk industry.
Earlier this year, Precious Shipping also made headlines in April with another acquisition, purchasing a similarly aged Chinese-built vessel from Western Bulk for about $4 million less than the recent deal. This consistent investment in modern fleets reflects the company’s commitment to enhancing its operations and maintaining a competitive edge in the market.
With the addition of the two new ultramaxes, Precious Shipping’s fleet will expand to a total of 11 ultramaxes, alongside eight supramaxes and 23 handysize vessels. This growth is notable as it brings the average age of the fleet to around 10 years, positioning the Bangkok-based company for future opportunities in a dynamic shipping landscape.
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Ultramax Sector Remains Robust
The ultramax sector continues to demonstrate resilience and activity, particularly as modern Japanese tonnage is commanding higher premiums. Precious Shipping’s recent acquisitions serve as a testament to the sector’s strength and appeal among buyers. As the dry bulk market evolves, the demand for newer, more efficient vessels is expected to drive further investments in this category.
As Precious Shipping moves forward with its plans, industry observers will be keenly watching how these acquisitions impact the company’s overall performance and market positioning. The latest purchases not only reflect a strong commitment to fleet modernization but also signal a broader trend within the shipping industry towards investing in high-quality, contemporary vessels.
