Shares of Precious Shipping Public Company Limited (SET: PSL) rose by 5.75% at the open on March 12, 2026, reaching 7.35 baht after the company clarified the situation surrounding an attack on its cargo ship, the “Mayuree Naree.” PSL maintains that the incident will have a limited impact on its overall financial health and operations, as the vessel is protected by war risk insurance.
The incident occurred on the morning of March 11, 2026, while the ship—owned by PSL subsidiary Precious Flowers Co., Ltd.—was navigating the Strait of Hormuz. The vessel was struck twice by unknown weapons, resulting in a fire and damage to the engine room. At the time of the incident, the ship was sailing without cargo. Out of the 23 crew members, 20 have been safely evacuated to Oman and are awaiting return to Thailand, while search efforts continue for the three missing individuals.
Prior to passing through the high-risk area, PSL stated that it implemented rigorous safety measures and maintained close communication with the United Kingdom Maritime Trade Operations (UKMTO) and other maritime safety centers.
However, according to several reports, Iran’s Islamic Revolutionary Guard Corps (IRGC) has offered a different explanation for the attack. The IRGC reportedly stated that the Thai vessel was targeted because it allegedly ignored multiple warnings and was navigating the Strait of Hormuz illegally. If these allegations are proven to be accurate, insurance coverage may be affected, as illegal navigation could potentially void the policy.
