Sunday, 19 November 2017

 

Ship Owning

Precious Shipping Public Company Limited ( "PSL" ) is a pure dry cargo ship-owner operating in the Handysize, Supramax and Ultramax sectors of the tramp freight market. 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.

The third phase involved an addition of 10 similar ships from December 1992 to December 1993 with a total capacity of 185,923 DWT.

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 grow from 28 ships in 2003 to 54 ships by the middle of 2005. During impact of the sub-prime crisis, PSL sold 10 ships in 2007 and 25 ships in years 2009-2010. During 2006-10, only 2 ships were added, thus reducing the fleet size to 21 at the end of 2010. After which, PSL started a consolidation and rejuvenation programme, which is witnessed as follows:

 
  • During 2011 – 2013
:    3 Handysize Bulk Carriers delivered from ABG Shipyard.
 
  • During 2012
: 4 Supramax Bulk Carriers delivered from Guoyu Shipyard
 
  • During 2011 – 2013
: 12 Bulk Carriers bought and delivered from various Sellers.
 
  • During 2014
: 1 Cement Carrier sold, 3 Cement Carriers delivered from Shanhaiguan Shipyard and 2 Ultramax Bulk Carriers delivered from Sainty Shipyard.
 
  • During 2015
: 1 Cement Carrier and 1 Handysize Bulk Carrier delivered from Shanhaiguan Shipyard, 2 Ultramax Bulk Carriers delivered from Sanfu Shipyard and 3 Handysize Bulk Carriers sold.

 
  • During 2016
: 1 Handysize Bulk Carrier delivered from Shanhaiguan Shipyard, 3 Ultramax Bulk Carriers delivered from Sanfu Shipyard and 13 Handysize Bulk Carriers sold.
 
  • During 2017
: 1 Ultramax Bulk Carrier delivered from Sanfu Shipyard and 1 Handysize Bulk Carrier sold.


Therefore, PSL's fleet size now stands as 36 ships with a total capacity of 1,585,805 DWT. For the details of our current Fleet, please go to “Our Ships”.

According to our Fleet Rejuvenation plan, during 2013 – 2014, PSL entered into various Shipbuilding Contracts with various Chinese shipyards as follows:

 
  • 2 Shipbuilding Contracts for 2 Handysize Bulk Carriers with Shanhaiguan Shipyard for delivery in 2015. Both ships were delivered
 
  • 14 Shipbuilding Contracts for 14 Ultramax Bulk Carriers with Sainty Shipyard for delivery during 2014 - 2016, out of which, 2 ships were delivered in 2014. In 2015 - 2016, 12 Shipbuilding Contracts were cancelled by PSL due to excessive delay in delivery.
 
  • 10 Shipbuilding Contracts for 10 Ultramax Bulk Carriers with Sanfu Shipyard for delivery during 2015 - 2016, out of which, 6 ships were delivered in 2015 - 2017. In 2016, 3 Shipbuilding Contracts were cancelled by PSL due to excessive delay in delivery. In 2017, the last Shipbuilding Contract was automatically cancelled as Sanfu Shipyard was not able to fulfill one of the conditions precedent.

For the details of our newbuildings, please go to “Newbuildings”.

 

 

Ship Management

Great Circle Shipping Agency Limited (“Great Circle”) is wholly owned subsidiary of PSL. Great Circle was set up in 1988 in order to provide Technical Management Services for ships owned by the “Precious Shipping Public Company Ltd”. A modest beginning was made in December 1988 with a fleet size of 5 ships. By 2005, Great Circle was well established, with 61 ships under their technical management including bulk carriers, tween-deckers, general cargo ships and specialised ship like cement carrier. J. Mansukhani, Director of Great Circle, joined the company on the eve of its formation and has built a close-knit team of professionals who man various key positions in the company. For more information visit Great Circle's website.

Contact Us

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Where we are

Precious Shipping PCL
No. 8 Cathay House,
7th Floor North Sathorn Road,
Silom Bangrak,
Bangkok 10500 Thailand
Tel: +66-2-6968800