Precious Shipping Secures Long-Term Charters for New Ultramax Bulkers
Thailand’s Precious Shipping has swiftly arranged long-term charters for two newly acquired ultramax bulk carriers, the *Ubon Naree* and *Uthita Naree*. Both vessels were purchased from Jaldhi Overseas and have been fixed on index-linked contracts with the Singapore-based company. This strategic move underscores Precious Shipping’s commitment to expanding its fleet and securing steady revenue streams.
The *Ubon Naree* has been chartered for a period of 24 to 26 months at a gross variable rate equivalent to 115% of the Baltic Exchange Supramax Index (BSI 63K). This rate is calculated based on the weighted average of the previous 15 days, currently amounting to approximately $14,000 per day. Similarly, the *Uthita Naree* has secured identical charter terms with Jaldhi Overseas, ensuring both vessels will contribute to the company’s operational stability.
Recent Deliveries and Fleet Expansion
Both ultramax bulkers were delivered from Jiangsu Yangzi-Mitsui Shipbuilding (YAMIC) and represent a significant investment for Precious Shipping, which paid $37.25 million per ship. Originally ordered by Jaldhi in 2022, the vessels were transferred to a subsidiary of Precious Shipping and registered in Singapore upon delivery. This acquisition brings the total fleet under the leadership of Khalid Hashim to 41 ships, enhancing the company’s position in the maritime industry.
The recent charters follow another notable ultramax deal earlier this month, where the *Uma Naree* was fixed with Switzerland-based Oceana Bulk for 13 to 15 months at a variable rate linked to 100% of the BSI 63K, translating to approximately $12,200 per day at that time. These developments highlight Precious Shipping’s proactive approach in securing long-term contracts and expanding its operational capabilities in a competitive market.
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As the shipping industry continues to navigate fluctuating market conditions, Precious Shipping’s strategic acquisitions and charter agreements position the company for sustained growth and profitability. The successful integration of these new vessels into their fleet is expected to bolster their service offerings and enhance their competitive edge in the bulk shipping sector.
