Bangkok-based Precious Shipping has signed contracts with China’s Taizhou Sanfu Ship Engineering for the construction of four Ultramax bulk carriers, in a $141.8 million investment to renew its fleet with younger, more fuel efficient vessels.
The four newbuildings will have a deadweight tonnage of 65,450 dwt and a contract price of $35.45 million, bringing the total value of the order to $141.8 million.
Precious Shipping will pay an initial instalment of 25% of the purchase price with the balance paid in four further instalments in accordance with the agreed payment terms. The last installment, 40% of the contract value, will be paid on delivery of the vessels.
Scheduled deliveries 2030-2031
The four Ultramax bulk carriers are set to be delivered between April 2030 and January 2031. The extended construction and delivery time is due to the tight capacity that is currently being experienced in the shipbuilding market, and shipyard availability is affecting the ordering schedule of shipowners.
Precious Shipping said the acquisitions are part of its fleet renewal strategy, bringing in younger vessels with better fuel efficiency.
“These acquisitions are in line with the company’s strategy to rejuvenate its fleet with the acquisition of younger and fuel-efficient vessel,” the company said.
Fleet expansion – 47 vessels
Precious Shipping plans to have a fleet of 47 vessels with a total capacity of 2.35 million dwt after taking delivery of the four newly contracted Ultramax carriers, in addition to two other vessels already on order.
The latest contracts are part of the company’s efforts to modernize its dry bulk fleet, but also to secure additional carrying capacity through newbuildings scheduled for delivery over the next several years.
