Bangkok-headquartered dry bulk specialist Precious Shipping is making a move into the tanker market as it seeks to diversify its business.
Precious Shipping is acquiring the 47,999 dwt, 2006-built product tanker Florence for $11.1 million. It did not name the seller, however, according to Equasis the Panama-flagged Florence is owned by Asia Pacific Shipping in Vietnam.
The acquisition represents a change in strategy by the long-time dry bulk shipowner specialising in the Handy, Supramax, and Ultramax trades.
“The acquisition of the Vessel forms part of the Company’s strategic initiative to diversify its fleet portfolio into the Tanker segment in order to broaden revenue streams beyond the dry bulk sector,” the company said in a Stock Exchange of Thailand disclosure.
“This investment supports the company’s long-term business resilience by expanding into a complementary shipping segment with different demand drivers and chartering dynamics.”
The vessel is due to be delivered to Precious Shipping between 20 February and 15 March this year.
Meanwhile Precius Shipping reported a full year net profit for 2025 of $13.09 million down from $41.31 million in the previous year.
