Thai dry bulk shipowner Precious Shipping (hereinafter referred to as “Precious Shipping” or the company) announced its first quarter 2026 results on May 6.
Specifically, in the first quarter of 2026, Precious Shipping achieved operating revenue of 1.40 billion Thai baht (approximately US$43.18 million), a year-on-year increase of 30.0%; EBITDA was US$18.27 million, net profit reached 110 million Thai baht (approximately US$3.41 million), with earnings per share of 0.0729 Thai baht.
In the first quarter of 2026, Precious Shipping’s fleet average daily TCE reached US$12,528, a year-on-year increase of 45.0%; single-vessel management cost was US$5,715, of which the average daily management cost for dry bulk carriers was US$5,686, a year-on-year increase of 4.8%; the average daily management cost for the sole tanker in its fleet was US$8,372.
Precious Shipping stated that the turnaround from loss to profit in the first quarter was mainly due to a gain of 18.30 million Thai baht from the sale of two vessels, in addition to a foreign exchange gain of 49.62 million Thai baht recognized in the first quarter of 2026. At the same time, in the first quarter of 2026, costs of 39.68 million Thai baht were incurred due to the “Mayuree Naree” incident in the Strait of Hormuz.
On March 11 local time, Precious Shipping’s handy-size bulk carrier “MAYUREE NAREE” (IMO 9323649, built 2008, 30,193 DWT) was hit by two missiles while transiting the Strait of Hormuz, causing severe damage to the hull. At the time of the incident, the vessel had 23 Thai crew members on board. Twenty were safely rescued by the Omani navy and returned to Thailand, while three unfortunately lost their lives.
Precious Shipping stated that the “MAYUREE NAREE” has been settled as a constructive total loss. On April 20, 2026, the company received a compensation payment of US$10.9 million from its war risk underwriters.
As of now, Precious Shipping operates 39 bulk carriers and 1 MR tanker, including 16 handy-size vessels, 6 supramax vessels, 13 ultramax vessels, and 4 cement carriers, totaling 1.881 million DWT.
