Precious Shipping sells 15-year-old supramax for $14.6m in fleet overhaul
Thai dry bulk owner offloads 56,920 dwt Kanchana Naree while taking delivery of a 63,500 dwt ultramax from China.
Precious Shipping has sold the 2011-built supramax Kanchana Naree for approximately $14.6m, marking another step in its fleet renewal strategy as it simultaneously took delivery of a new ultramax from China.
The Bangkok-listed dry bulk owner, led by Khalid Hashim, offloaded the 2011-built, 56,920 dwt vessel as part of a broader effort to phase out older, less efficient tonnage.
Precious Shipping is betting on larger ultramaxes: fleet renewal
The disposal aligns with Precious Shipping’s long-term strategy to increase its exposure to larger, more fuel-efficient vessels. The company took delivery of the 63,500 dwt Ratima Naree from the same Chinese yard on the same day as the Kanchana Naree sale, underscoring its commitment to modernising its fleet.
Ratima Naree is the second in a four-vessel ultramax series ordered at Taizhou Sanfu in May 2024 for a combined $133.46m, or roughly $33.36m per vessel. The first ship in the series, Rossarin Naree, joined the fleet at the end of May, with two more deliveries expected, one in the fourth quarter of this year and the final unit in the first quarter of 2027.
Once the programme is complete, Precious Shipping expects to operate 17 ultramaxes, significantly boosting its average carrying capacity while reducing fuel consumption across its fleet.
The sale of the Kanchana Naree, while modest in scale, is part of a wider disposal programme that has seen Precious Shipping offload older handysize and supramax vessels.
As of the end of June, Precious Shipping operated 42 vessels with a combined capacity of nearly 2 million dwt. May 2024, the company entered the MR product tanker sector through a joint venture, agreeing to add a second tanker with a 45% ownership stake.
The latest transaction also highlights the circular relationship between Precious Shipping and Taizhou Sanfu. The Chinese yard built the Kanchana Naree 15 years ago and is now delivering its replacement, the Ratima Naree, as part of a new order placed in May 2024.
With the latest sale and delivery, the company is one step closer to completing its fleet modernisation, though the process is expected to continue well into 2027 as the final ultramax from the current order joins the ranks.
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