Thailand's Precious Shipping took delivery of a 63,500 DWT bulk carrier on September 3 through its wholly-owned Singapore subsidiary.
Named Ratima Naree, the Singapore-registered vessel is the second of four bulk carriers ordered from Taizhou Sanfu Ship Engineering under shipbuilding contracts signed on May 29, 2024, expanding the operating fleet to 42 vessels.
In a separate development, wholly-owned subsidiary Precious Metals signed a memorandum of agreement on August 28 to sell the 56,920 DWT bulk carrier Kanchana Naree for $14.59 million.
The transaction value represents THB486.18 million ($14.59 million), which accounts for about 1.61 per cent of the company's total assets as of June 30.
Built in China in 2011, the Thai-flagged vessel is being sold at market price to an overseas buyer.
Management explained that the sale aligns with an ongoing strategy to rejuvenate the fleet by selling older vessels and acquiring younger, bigger ships.
Under the payment terms, the buyer deposited 20 per cent into a joint account, with the remaining 80 per cent balance due two banking days prior to vessel delivery between September 11 and October 15.
Following the disposal and the future delivery of two vessels ordered for construction, the fleet will encompass 43 vessels with an aggregate capacity of about 2,077,855 DWT.