Precious Shipping seals $49.80m Japanese lease for four bulkers

Thailand’s Precious Shipping Public Company Limited (PSL) reported that four of its wholly owned Singapore subsidiaries, namely Precious Glories, Precious Wisdom, Precious Sparks and Precious Bridges, have entered into Japanese operating lease with call option (JOLCO) transactions in respect of four dry bulk vessels.

The company said the deal involves the Vipha Naree (2015-built, 38,851-dwt), Viyada Naree (2016-built, 38,716-dwt), Baranee Naree (2012-built, 56,441-dwt)and Daranee Naree (2012-built, 56,588-dwt).

Under the JOLCO transactions, the ships will be sold to special purpose companies incorporated in the Marshall Islands established for the purpose of the JOLCO transactions.

The vessels will subsequently be bareboat chartered back to the subsidiaries for a fixed charter period.

The company said the vessels will continue to be operated by