Precious Shipping Public Company Limited (SET: PSL), has notified the Stock Exchange of Thailand that on 4 June 2026, PSL Energy Pte. Ltd. (PEPL), a wholly-owned Singapore subsidiary of the company, has entered into a joint venture agreement with Emstraits Navigation Sdn. Bhd. (ENSB), a company incorporated in Malaysia, and Lianson Fleet Pte. Ltd. (LFPL), a company incorporated in Singapore.
ENSB is one of the shareholders of Nusantara Maritime Sdn. Bhd. (NMSB), while LFPL is affiliated with another shareholder of NMSB, an associate company incorporated in Malaysia in which the company indirectly holds a 45% equity interest through its wholly owned Singapore subsidiary. Other than the foregoing, ENSB and LFPL have no relationship with the company.
The joint venture, named Nusantara Orchid Pte. Ltd., was established to own and operate M.T. High Tide, a secondhand Medium Range tanker acquired by Nusantara Maritime Sdn. Bhd., as disclosed by the Company on 15 May 2026. The JV company will be principally engaged in ship owning and ship operations of the vessel.
Nusantara Orchid has an initial paid-up capital of $50,000, divided into 50,000 shares with a par value of $1 each, and is expected to be incorporated in Singapore within the date of the JV agreement. PEPL is set to own 45% of the JV company, while LFPL and ENSB are set to own 45% and 10% of the JV respectively.
