Precious Shipping, which operates in dry bulk shipping, has signed a new contract with Asyad Shipping. This contract includes the charter of the ultramax vessel named Rossarin Naree for a period of 12 to 14 months and has been effective since October 1.
Contract Details
Precious Shipping has announced that this vessel, with a weight of 63,500 tons (dwt), has been chartered at a variable rate equivalent to 108% of the weighted average of the Baltic Supramax Time Charter Index (BSI 63K) over the past 15 days. According to this contract, the daily charter rate amounts to approximately $24,000. This new contract is part of Precious's ongoing trend of increasing index-based charter collaborations.
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Expansion of Precious Shipping's Activities
Last month, Precious Shipping chartered its sister ship named Ratima Naree for a similar duration to Trafigura Maritime Logistics at a rate of 107.5% of BSI 63K, which was set at $22,800 per day. Additionally, in another contract, another ultramax vessel named Sunisa Naree was chartered for 11 to 13 months to PACC Line of Singapore at a rate of 103% of BSI, equivalent to $23,000 per day.
Asyad's operations in Singapore have focused on building a significant portfolio of charters in the dry bulk shipping sector. The Oman-based group has announced that its Singapore office will manage an average of 25 dry bulk vessels in 2024, with its strategy leaning more towards medium- and long-term charters.
Development of Precious Shipping's Fleet
This new contract comes as Precious Shipping continues to expand its activities in ultramax vessels. This week, the company returned to Sanfu to purchase four new vessels weighing 64,500 tons each at a price of $35.45 million. This $141.8 million package is scheduled for delivery between April 2030 and January 2031. With the arrival of these vessels and two remaining from the previous series, Precious Shipping expects its fleet to grow to 47 vessels with a total weight of approximately 2.34 million tons.
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