Precious Shipping Public Company recorded a net profit of $13 million for the full year of 2025, according to its latest financial performance report. The results followed a fourth quarter where the company achieved a net profit of $10.77 million and earnings per share of THB0.23 ($0.01).
The company stated its average earnings per day per ship for the year reached $11,948, while the figure for the fourth quarter was higher at $14,301. Earnings for the year were lower than the $41.31 million profit recorded in 2024, with Precious Shipping citing a weak freight market during the first half of 2025 as a primary factor.
Vessel running expenses decreased by three per cent compared to the previous year, which the company attributed to the appreciation of the Thai Baht against the US Dollar. Precious Shipping also noted it gained THB33.09 million from the sale of three vessels during the year.
Administrative expenses fell by THB89.75 million compared to the prior year due to lower variable compensation and currency movements. The company reported that 22 vessels completed dry-docking and special surveys in 2025, resulting in an average technical downtime of 17 days for each ship.
Precious Shipping said the unusually high number of vessels undergoing surveys was the main contributor to lower than expected earnings. The company stated 2026 is expected to be a more normal year with only 11 ships scheduled for surveys.
Finance costs increased by THB48.22 million during the year as a result of new loans taken for a fleet rejuvenation plan. The company signed five loan agreements totalling $157.95 million in 2025 while repaying or prepaying $46.68 million in existing debt.
At the end of December 31, 2025, the fleet consisted of 40 ships including 11 Ultramax, seven supramax, 18 Handysize bulk carriers, and four cement carriers. The fleet has a total capacity of 1,816,351 DWT, averaging 45,409 DWT per vessel with an average age of approximately 12 years.
Precious Shipping took delivery of two newbuilding Ultramax resale vessels in January 2026 and has four more under construction. These remaining vessels are scheduled for delivery between 2026 and January 2027.
The company also maintains an investment in International Seaports Haldia Private, which operates a dry-bulk port terminal in India. Precious Shipping stated its stake in the joint venture increased from 22.4 per cent to 28.83 per cent on January 5 after it declined to participate in a share buyback.
Total dividends received from the Haldia joint venture have reached $6.74 million to date. Precious Shipping also entered a new joint venture, Nusantara Maritime, during 2025 to operate in the energy transportation sector.
