Precious Shipping Public Company reported a consolidated profit of THB108 million ($3.41 million) for the three-month period ended March 31. This financial performance represented a recovery from the THB140 million loss recorded during the corresponding period in 2025.
Total vessel operating income reached THB1.33 billion, primarily driven by time charter revenues of THB1.31 billion. Voyage charters contributed THB20 million to this total, though the figure declined from the THB39 million earned during the first quarter of the previous year.
January saw the expansion of the fleet through the acquisition of two resale newbuilding vessels, Ubon Naree and Uthita Naree. These assets were purchased for an aggregate $74.5 million and currently operate under the Singapore flag.
Further diversification followed on February 26 with the addition of the medium-range tanker Tharinee Naree to the company's holdings. The vessel, which is registered under the Panama flag, was acquired for $11.1 million.
A combined $18.31 million was raised through the sale of two older vessels, Wariya Naree and Nalinee Naree, in January. These transactions resulted in a gain of THB19 million for the consolidated income statement.
One of the company's vessels, the Mayuree Naree was hit by two projectiles while transiting the Strait of Hormuz on March 11. The resulting fire in the engine room caused extensive damage and led to the deaths of three crew members.
Following an assessment that declared the vessel a constructive total loss, insurance proceeds of $10.93 million were received from war risk underwriters on April 20. These funds were intended to cover the loss of the asset and provide compensation for the crew.
Financial operations during the quarter also included a Japanese operating lease with call option transaction for four dry bulk vessels on March 19. This arrangement involved the vessels Vipha Naree, Viyada Naree, Baranee Naree, and Daranee Naree.
Taizhou Sanfu Ship Engineering is currently constructing 63,500 DWT four newbuild bulk carriers for the company. Precious Shipping stated these vessels are expected to be delivered between 2026 and 2027 following an aggregate investment of $133 million.