Recently, Thailand-based dry bulk shipowner Precious Shipping publicly criticized conflict-related countries for their “indifference” to the safety of seafarers’ lives, arguing that seafarers are being treated as “expendable collateral damage” in a wartime environment.
Precious Shipping Managing Director Khalid Hashim, in strong language within the company’s latest shareholder communication, stated that seafarers now seem to be mere “consumables” in war, and that governments’ disregard for seafarers’ lives must change. Although he did not directly name the United States or Iran, the criticism was clearly aimed at countries involved in the current Middle East conflict.
Behind this statement lies a major maritime tragedy experienced by Precious Shipping in March this year.
On March 11, the 30,000-ton bulk carrier “Mayuree Naree” (built in 2008), owned by Precious Shipping, was hit by a shell fired from the direction of Iran while attempting to transit the Strait of Hormuz. The incident resulted in the deaths of three seafarers.
Precious Shipping revealed that prior to the commencement of the voyage, the company had obtained voyage clearance assessments from its war risk insurers and independent security advisors, none of whom issued warnings prohibiting passage through the route. However, the “Mayuree Naree” was still suddenly attacked while transiting the Strait of Hormuz.
The shell directly struck the engine room area, quickly igniting a large fire and causing the vessel to lose power. Subsequently, the ship drifted to the shore of an Iranian island, where the bodies of the missing seafarers were eventually found.
Following the incident, the “Mayuree Naree” was declared a “constructive total loss.” Precious Shipping subsequently received compensation of USD 10.9 million from its war risk insurers to cover the vessel loss and seafarer compensation costs.
Notably, Khalid Hashim’s public statement came shortly after the company announced its first-quarter 2026 results.
Benefiting from the continued strong performance of the dry bulk market, Precious Shipping’s first-quarter net vessel operating income was approximately USD 9.55 million, a year-on-year increase of 31%. The company achieved a net profit of USD 3.41 million for the quarter, compared to a net loss of USD 4.14 million in the same period last year, showing a significant improvement in operational performance.
However, compared to the profit figures, Precious Shipping this time aims to convey another message to the industry: against the backdrop of escalating global geopolitical risks, the shipping industry is being forced to bear increasingly higher “war costs,” and those on the front line remain the seafarers.
