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As fleet overhaul at Precious Shipping pushes ahead, the Thai dry bulk player has moved to expand its business to other shipping sectors.
The Khalid Hashim-led listed owner said in a stock exchange filing that its Singapore subsidiary had struck a deal with Emstraits Navigation and Lianson Fleet, formerly Icon Offshore, to establish a joint venture in Malaysia.
The jv, to be called Nusantara Maritime, will be primarily engaged in shipowning, ship operations, leasing and maritime services in the liquefied natural gas tanker, liquefied petroleum gas tanker and crude tanker segments.
“The jv company aims to acquire high-quality assets and employ them with industry-leading charterers, providing revenue stability and earnings visibility,” the statement said.
Precious Shipping, which currently counts a fleet of 44 bulkers on a fully delivered basis, will own 45% of the new company, expected to be established in the next two months.
“Through this joint venture, the company will gain exposure to a broader spectrum of shipping sectors, although its core focus shall remain the dry bulk sector,” Precious Shipping added.
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