Precious Shipping has taken another step in its tanker market entry through Malaysian joint venture Nusantara Maritime. The Bangkok-listed company announced its associate company, in which it holds a 45% stake through a Singapore subsidiary, has acquired the 2012-built MR tanker High Tide from d'Amico International Shipping for $28.45m. Market sources confirmed the seller as d'Amico, which earlier this year disclosed the sale of sister vessel High Seas, also built in 2012, for $27.6m.
Precious Shipping's Khalid Hashim-led management operates a fleet of around 40 bulk carriers while showing increasing interest in the product tanker sector. The company is investing in the tanker segment to reduce reliance on cyclical dry bulk market fluctuations and diversify revenue streams. In a stock exchange filing, Precious Shipping stated, "The acquisition of the vessel forms part of the company's strategy to diversify and stabilise its revenue streams through investments beyond the dry bulk sector."
The acquisition of High Tide, built at HD Hyundai Mipo shipyard, follows Precious Shipping's first tanker purchase announced in March 2025. The investment, executed through its Singapore subsidiary, is part of the company's broader plan to gain exposure in the tanker market without fully shifting away from its core dry bulk business. The company added that the move supports "long-term business resilience by expanding into a complementary shipping segment with different demand drivers and chartering dynamics."
For d'Amico International Shipping, the disposal of High Tide continues the Milan-listed company's fleet renewal strategy. The Italian tanker operator has steadily sold older vessels in recent years while focusing on modern, fuel-efficient eco-tonnage. d'Amico is known for maintaining one of the youngest and most efficient MR fleets in the product tanker sector; with this sale, the company has divested its oldest 2012-built vessel.
Precious Shipping's partnership in Nusantara Maritime represents a new model for Thailand-based dry bulk carriers entering the tanker segment. The company aims to reduce portfolio risk by leveraging the cyclical differences between dry bulk and tanker markets. The joint venture structure offers Precious Shipping controlled exposure to the new market without requiring a full segment transition.
Key Takeaways:
1. Precious Shipping acquired d'Amico International Shipping's 2012-built MR tanker High Tide for $28.45m through Malaysian joint venture Nusantara Maritime.
2. The Bangkok-based company deepens its tanker market entry through Nusantara Maritime, in which it holds a 45% stake via a Singapore subsidiary.
3. Precious Shipping operates a fleet of around 40 bulk carriers while investing in the product tanker segment to diversify revenue streams.
4. d'Amico International Shipping continues its fleet renewal strategy with the High Tide sale, focusing on modern eco-tonnage by divesting older vessels.
5. The joint venture model offers Precious Shipping controlled exposure to cyclical differences between dry bulk and tanker markets without full segment transition.
