Thailand’s bulker owner Precious Shipping said in a stock exchange filing that its Singapore unit had entered into a joint venture agreement with ENSB and LFG, both of which are incorporated in Malaysia.
The venture is expected to be named Nusantara Maritime, or any other name mutually agreed upon by the partners.
Precious Shipping said the initial paid-up capital of the JV shall be 50,000 Malaysian ringgit ($11,273), divided into 50,000 shares with a par value of 1 ringgit each.
The Thai firm and LFG will each have a 45 percent stake in the JV, while ENSB will own the remaining 10 percent.
Through this joint venture, Precious Shipping will gain exposure to a broader spectrum of shipping sectors, although its core focus shall remain the drybulk sector, the firm said.
According to Precious Shipping’s website, its fleet consists of 39 vessels, including 19 handysize vessels, 8 supramax vessels, 8 ultramax vessels, and 4 cement carriers.
Precious Shipping said the JV aims to acquire “high-quality assets and employ them with industry-leading charterers, providing revenue stability and earnings visibility.”
It will be primarily engaged in ship owning, ship operations, leasing, and maritime services in
the targeted segments of LNG tankers, LPG tankers, and crude tankers.
Precious Shipping said the incorporation of the JV is expected to be completed within two months.
It is worth mentioning here that Malaysia exports LNG via the Petronas-operated giant Bintulu LNG facility, while MISC, a unit of Petronas, is one of the world’s largest owners of LNG carriers.
