Thai-based drybulk shipowner, Precious Shipping, is looking to expand into the LNGC market, together with other ship types.
The listed shipowner has revealed in a stock exchange filing that its Singapore subsidiary had signed a deal with Emstraits Navigation and Lianson Fleet, formerly Icon Offshore, to establish a joint venture in Malaysia.
To be called Nusantara Maritime, the joint venture will be primarily engaged in shipowning, ship operations, leasing and maritime services in the LNGC, LPG and crude tanker segments.
The joint venture company aims to acquire high-quality assets and employ them with industry-leading charterers, providing revenue stability and earnings visibility, Precious Shipping said.
Precious Shipping, which currently manages 44 bulkers, will own 45% of the new company, which is expected to be established in the next two months.
Through this joint venture, the company will gain exposure to a broader spectrum of shipping sectors, although its core focus shall remain the drybulk sector, the company added.
