$142m gamble: Why Precious Shipping is betting big on China’s ultramax
Thai owner signs $35.45m apiece for four 64,500 dwt ultramaxes at Taizhou Sanfu, defying market sceptics.
Thailand’s Precious Shipping has expanded its fleet with a new order of four ultramax bulk carriers from China’s Taizhou Sanfu Ship Engineering. The deal, valued at $141.8 million, covers vessels with a deadweight tonnage of 64,500 each, priced at $35.45 million per ship.
The vessels are scheduled for delivery between April 2030 and January 2031, with one ship arriving in April, July, and October 2030, followed by the final unit in early 2031. This latest order follows a previous agreement in 2024, where Precious commissioned four 63,500 dwt ultramaxes from the same shipyard for a total of $133.46 million.
Two of those earlier vessels, the Rossarin Naree and Ratima Naree, have already been delivered, while the remaining two are expected in the first quarter of 2027. Once all six ships are operational, Precious’s fleet will grow to 47 vessels, totaling approximately 2.34 million deadweight tons.
Safe Bulkers
Delivery Timeline and Fleet Expansion: Precious
The new 64,500 dwt bulkers incorporate several upgrades over the previous model, including enhanced carrying capacity, a modernized propulsion system, a shaft generator, a redesigned hull, and additional energy-saving features. These improvements align with Precious’s broader strategy of replacing older handysize and supramax ships with larger, more efficient ultramaxes.
The company’s long-term approach, with deliveries extending into 2031, reflects its bet on the future demand for high-capacity, fuel-efficient vessels. The success of this investment will depend on market conditions in the coming years.
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