Precious Shipping Public Company Limited ( PSL ) is a pure dry cargo ship-owner operating in the small handysize and supramax sectors of the Tramp freight market. This segment is extremely fragmented & characterised by companies owning 2 or 3 ships. PSL was established in December 1989 and commenced commercial operations in March 1991 after obtaining the approvals from the Bank of Thailand and the Board of Investment. PSL was granted "listed" status on the Stock Exchange of Thailand on the 16th of September 1993.
The ship acquisition program was carried out in different phases;
In the first phase, PSL acquired a core fleet of 7 ships having an aggregate capacity of 101,925 Dead Weight Tons (DWT). All these ships were dry bulk / general cargo ships in the size range of 10,000 - 20,000 DWT.
In the second phase, in a span of 7 Months, commencing July 1991 up to January 1992, 6 ships were added to the fleet, these ships were of similar size and type as the core fleet and added 102,107 DWT to the fleet capacity.
In the third phase involved an addition of 10 similar ships from December 1992 to December 1993 with a total capacity of 185,923 DWT.
In the fourth phase came in 1996-1998 when the fleet grew to 48 ships.
With the collapse of the Asian economies in mid 1997, the freight markets collapsed and PSL commenced its first ever exercise of de-leveraging and slimming down of its balance sheet. From 1999 till the 3rd quarter of 2003 PSL slimmed down its balance sheet and ended up with just 28 ships. That was the precursor for the next phase of expansion which saw the fleet grew from 28 ships in 2003 to 54 ships by the middle of 2005. During impact of sub-prime crisis, PSL sold 10 ships in 2007 and 25 Ships in years 2009-10. During 2006-10, only 2 ships were added thus reducing the fleet size to 21 at the end of 2010. After which PSL started consolidation and rejuvenation programme which is witnessed as follows:
During 2011 – 2013: 3 Handysize Newbuildings delivered from ABG shipyard.
During 2012: 4 Supramax Newbuildings delivered from Guoyu Shipyard.
During 2011 – 2013: 12 Bulk Carriers bought and delivered from various Sellers.
In January 2014: 1 Cement Carrier sold.
Therefore, PSL's fleet size now stands as 39 ships with a total capacity of 1,334,661 DWT. For the details of our current Fleet, please go to “Our Ships”.
20th July 2007, PSL had signed 12 shipbuilding contracts for construction of 12 new ships of DWT 34,000 each, double hull, open hatch, semi box shaped, craned log-carriers/bulkers from ABG Shipyard. The fleet rejuvenation continued with the contracts signed in 2007-2008 for an additional Six 54,000 DWT double hull, Craned, Supramax New Buildings from ABG Shipyard and further signed 3 Shipbuilding Contracts for 3 new Cement Carriers of DWT 20,000 each with ABG Shipyard in 2010 to deliver to Ultratech India these Cement Carriers. The Company has novated/cancelled 17 shipbuilding contracts for eight 34,000DWT ships, six 54,000DWT and three 20,000 DWT cement carriers as the delivery of these ships were delayed beyond the respective contract cancellation dates. The Company now has only one last ship contract outstanding with ABG Shipyard and if this ship is also delayed beyond her cancellation date, it is likely that this contract will also be cancelled. In order to be able to deliver the Cement Carriers to the Charterer under the Time Charters in time, the Singapore subsidiaries of the Company have entered into four Shipbuilding Contracts for four cement carriers with China Shipbuilding & Offshore International Co., Ltd. and Shanhaiguan New Shipbuilding Industry Co., Ltd. during 2012-2013. These 4 Cement Carriers are scheduled for delivery in 2014.
According to our Fleet Rejuvenation plan, On 25th November 2013, PSL has entered into two Shipbuilding Contracts for two 64,000 DWT Bulk Carriers with Sainty Marine Corporation Ltd for delivery in 2014 and two Shipbuilding Contracts for two 38,500 DWT Bulk Carriers with China Shipbuilding & Offshore International Co., Ltd. and Shanhaiguan New Shipbuilding Industry Co., Ltd for delivery in 2015. On 20th December 2013, the Company entered into eight Shipbuilding Contracts for four 39,000 DWT Bulk Carriers and four 64,000 DWT Bulk Carriers with Taizhou Sanfu Ship Engineering Co., Ltd. for delivery in 2015-16. On 24th February 2014, the Company entered two Shipbuilding Contracts for two 64,000 DWT Bulk Carriers with Sainty Marine Corporation Ltd for delivery in 2015. On 26th February 2014, the Company entered ten Shipbuilding Contracts for ten 64,000 DWT Bulk Carriers with Sainty Marine Corporation Ltd for delivery in 2015-16.