Precious Shipping Fixes New Ultramax on Index-Linked Charter to Trafigura
Key Takeaways
- •Precious Shipping's new ultramax Ratima Naree began a 12-to-14-month charter with Trafigura Maritime Logistics on September 7, days after delivery from Taizhou Sanfu Ship Engineering.
- •The charter pays a gross rate of 107.5% of the Baltic Exchange Supramax Index 63K weighted time-charter average, about $22,800 per day when it commenced.
- •Ratima Naree is the second of four ultramaxes ordered in May 2024 for a combined $133.46m, or roughly $33.36m per vessel.
- •On the same day as the delivery, Precious sold its 2011-built, 56,920 dwt supramax Kanchana Naree for about $14.6m as part of its fleet renewal.
- •A third ship in the series is due in the fourth quarter of this year, the fourth in the first quarter of 2027, after which Precious expects to operate 17 ultramaxes.
Thai dry bulk owner Precious Shipping has placed its newly delivered ultramax directly into term employment with Trafigura, fixing the vessel for up to 14 months on an index-linked charter.
The company, led by Khalid Hashim, said the 63,500 dwt Ratima Naree began a 12-to-14-month charter with Singapore-based Trafigura Maritime Logistics on September 7, just days after joining the Precious fleet following delivery from China's Taizhou Sanfu Ship Engineering.
Under the charter, the ship earns a gross variable rate equivalent to 107.5% of the Baltic Exchange Supramax Index 63K weighted time-charter average over the preceding 15 days. Precious put the rate at about $22,800 per day when the fixture commenced. The index-linked structure, a common fixture format in dry bulk, lets the owner share in market upside while giving the charterer exposure-adjusted cover over a longer period than spot trading.
The deal secures immediate employment for a vessel that forms a key part of Precious' ongoing shift towards larger and younger dry bulk tonnage. Fixing newbuilds straight into index-linked period business with commodity trading houses such as Trafigura is a widely used way for owners to keep modern tonnage employed while awaiting delivery of further ships in a series.
As Splash reported last week, Ratima Naree was delivered from Sanfu as the second in a series of four ultramaxes ordered in May 2024 for a combined $133.46m, or about $33.36m per vessel. On the same day, Precious disclosed the sale of its 2011-built, 56,920 dwt supramax Kanchana Naree for around $14.6m. The simultaneous purchase of new ultramaxes and sale of older, smaller supramax tonnage reflects the fleet renewal trend among mid-size dry bulk owners as fleet age and fuel efficiency increasingly shape competitiveness.
The first vessel in the latest Sanfu series, Rossarin Naree, arrived at the end of May. A third ship is due in the fourth quarter of this year, with the fourth scheduled for the first quarter of 2027. Precious has said it expects to operate 17 ultramaxes once the current programme is completed, with the remaining two deliveries the next milestones to watch for Precious' fleet composition.
Source: Splash247
