Precious Shipping Public Company Limited (SET: PSL) stated that it had acquired two secondhand vessels, M.V. Jal Kalpavriksh and M.V. Jal Kalpataru, by two wholly owned subsidiaries.
Precious Violets Pte. Ltd., the company’s Singapore subsidiary, purchased M.V. Jal Kalpavriksh, while Precious Ventures Limited, the company’s Thai subsidiary, purchased M.V. Jal Kalpataru.
Both vessels are bulk carriers that were constructed in Japan back in 2021, sailing under the flag of Panama. M.V. Jal Kalpavriksh weighs about 66,337 DWT and will be delivered around September 22 to October 22. By the time of its arrival, it will fly the flag of Singapore. As for M.V. Jal Kalpataru, the vessel weighs about 66,264 DWT and will be delivered around 1 – 31 October. Its flag will be converted to the Thai flag.
The objective of this acquisition is in accordance with PSL’s strategy to rejuvenate its fleet by selling its older vessels and acquiring younger vessels. After the acquisition and delivery of these two vessels and the delivery of four more vessels already ordered but not yet delivered, the company’s fleet will comprise 46 vessels with an aggregate capacity of about 2,157,923 DWT.
The purchase price of each of the vessels is USD 32.55 million or about THB 1,051.63 million, which is the market price. Therefore, the value of assets acquired is about USD 65.10 million, or about THB 2,103.25 million, with the exchange rate at THB 32.308 per USD.
