Thai dry bulk owner Precious Shipping has sold another ageing supramax for approximately $14.5m, pressing ahead with a fleet renewal drive that on the same day saw the company take delivery of a new ultramax from China.

The Bangkok-listed company, led by Khalid Hashim, is parting with the 2011-built, 56,920 dwt Kanchana Naree for about $14.6m. The disposal continues a multi-year push by Precious to weed out older, less efficient handysize and supramax tonnage while increasing its exposure to larger ultramaxes. The drive reflects a broader industry pattern, as IMO carbon-intensity rules that entered force in 2023 require ships above 5,000 GT to be rated annually on emissions performance, adding pressure on owners of older, less fuel-efficient tonnage.

On Thursday, Precious also took delivery of the 63,500 dwt Ratima Naree from Taizhou Sanfu, the same Chinese yard that built the outgoing supramax 15 years ago. The ship is the second in a four-vessel series ordered at Sanfu in May 2024 for a combined $133.46m, or roughly $33.36m each.

The first vessel in that programme, Rossarin Naree, joined the fleet at the end of May. During its second-quarter earnings call last month, Precious said another ultramax was due in the fourth quarter, followed by the final unit in the first quarter of 2027. The company expects to have 17 ultramaxes once its current programme is completed, giving observers a clear delivery schedule to track as the renewal nears completion.

The latest transaction also brings Precious' relationship with Sanfu almost full circle. Kanchana Naree was delivered from the Chinese yard in October 2011 as part of a two-ship supramax deal worth $53m, or $26.5m per vessel. Since then, Precious has increasingly shifted towards newer ships of around 64,000 dwt as it looks to lift average carrying capacity while cutting fuel consumption across the fleet.

Splash reported last year that the company was looking to sell older handysizes and non-eco supramaxes as part of that overhaul. The process has included a string of disposals alongside purchases of younger secondhand ships and the Sanfu newbuilding programme.

Precious had 42 vessels on its books at the end of June, with close to 2m dwt of capacity. The company has also started branching beyond its traditional dry bulk base, entering the MR product tanker sector and agreeing in May to add a second tanker through a 45%-owned joint venture.

Source: Splash247