Wedoany.com Report on Feb 15th, Thailand's Precious Shipping has entered the tanker market for the first time by purchasing a medium-range product tanker, aiming to diversify its business and reduce its reliance on the dry bulk sector. The Bangkok-listed company, through its wholly-owned Singapore subsidiary Precious Horizon, has agreed to acquire the 2006-built MR tanker named Florence for $11.1 million.

The 48,000 dwt vessel, built at Japan's Iwagi Shipbuilding, marks Precious Shipping's official entry into the product tanker segment. Led by Khalid Hashim, the company currently operates about 40 bulk carriers. This acquisition is part of its strategic move to expand its tanker business and reduce its dependence on the cyclical dry bulk market.

By adding tanker assets, Precious Shipping aims to leverage different market demands and charter dynamics to build a more balanced revenue stream and enhance long-term operational resilience. This is not the company's first attempt at diversification; last March, Precious Shipping partnered with Malaysia's Emstraits Navigation and Lianson Fleet to establish a joint venture named Nusantara Maritime, focusing on the ownership, operation, and chartering of LNG, LPG, and crude oil tankers.

With the MR tanker acquisition expected to be completed by March 15, Precious Shipping has taken a key step into the tanker market, marking a gradual transformation for this long-time dry bulk-focused company as it expands into a broader business landscape.