Precious Shipping, one of the largest owners of dry bulk vessels in Thailand, will soon undergo significant management changes. Khalid Moinuddin Hashim, the long-time CEO of the company, will be moved to the position of Executive Vice President, and Gautam Khurana, the Chief Financial Officer, will take over the management of the company. These changes will take effect on January 1, 2027.
Confirmation of Changes by the Board
The board of directors of Precious Shipping has approved these changes, and both executives will remain on the board and executive committee of the company. Gautam Khurana will continue in his role as Chief Financial Officer until his successor is appointed. This management transition is considered a significant change for Precious Shipping, which has been under Khalid Hashim's leadership for over three decades.
Fleet Modernization Program and Company Growth
The management changes come as Precious Shipping is implementing a major fleet modernization program. Recently, the company has sold its older vessels and focused on developing its ultra-max fleet. In September 2023, the company signed a contract with Taizhou Sanfu Ship Engineering in China to order four ultra-max vessels with a gross weight of 64,500 tons for a total value of $141.8 million. The delivery date for these vessels is set between April 2030 and January 2031.
This order follows a previous contract worth $133.46 million for four ultra-max vessels with a gross weight of 63,500 tons at the same yard. Two vessels from this order have already been delivered, and the other two will be added to the fleet by the end of the first quarter of 2027. With the arrival of the new vessels, it is expected that Precious Shipping's fleet will grow to 47 vessels with a total gross weight of approximately 2.34 million tons.
