Precious Shipping Expands into Tanker Market with MR Acquisition

Precious Shipping, a leading Thai dry bulk shipping company, has expanded its fleet with the acquisition of its first tanker vessel. According to a report from Splash247, the Bangkok-listed owner's wholly owned Singapore subsidiary, Precious Horizon, has agreed to purchase a 2006-built medium-range (MR) product tanker. The move marks Precious Shipping's first foray into the tanker market, as the company looks to diversify its operations beyond the dry bulk segment. 'This acquisition represents Precious Shipping's first step into the tanker market as part of our strategy to diversify our fleet and business,' said Khalid Hashim, the company's Managing Director, in a statement. The acquisition of the MR tanker aligns with Precious Shipping's goal of expanding its presence across multiple maritime sectors. As the dry bulk market continues to face headwinds, diversification into adjacent segments like tankers can help the company mitigate risk and capitalize on opportunities in different shipping sectors. Precious Shipping is one of Thailand's largest and most established dry bulk owners, with a fleet of over 30 vessels. The company's decision to enter the tanker market reflects the broader trend of diversification among shipowners seeking to adapt to changing market dynamics and capitalize on opportunities across the maritime industry.