Precious Shipping Secured New Index-Linked Vessel Charter
The 11-to-13-month agreement provides operators with a benchmark for current bulk shipping market rates.
Updated on Sept. 25, 2026 in Transportation
Precious Shipping has chartered the 63,000 dwt Sunisa Naree to PACC Line for a term of 11 to 13 months, effective September 23, 2026. The agreement utilizes a floating rate structure tied to market performance indicators.
Why it matters
The deal highlights Precious Shipping's ongoing strategic shift toward a younger, larger bulk fleet while providing a clear benchmark for prevailing charter costs in the current maritime environment.
The charter agreement is set at 103% of the Baltic Exchange Supramax Index, currently yielding an equivalent of $23,000 per day. This follows the company's separate $133.46 million program to acquire four 63,500 dwt ultramax vessels.
The players
Precious Shipping
A Thailand-based dry bulk shipping company that owns and operates a fleet of mid-sized vessels.
PACC Line
A Singapore-based international shipping company providing bulk and project cargo transportation services.
The details
The contract is fixed to an index-linked agreement, meaning the daily rate fluctuates based on the Baltic Exchange Supramax Index 63K weighted time-charter average. By utilizing a 15-day trailing average, both parties mitigate the impact of short-term spot rate spikes while ensuring the shipowner, Precious Shipping, maintains exposure to broader market trends for the duration of the 11-to-13-month term.
Timeline
The Sunisa Naree was built in 2016.
The Ratima Naree charter fixture was finalized in September 2026.
The Sunisa Naree charter began on September 23, 2026.
The remaining two ultramaxes are scheduled for delivery in Q1 2027.
Market Landscape
This transaction follows the pattern of asset-light fleet management and index-linked revenue models established by the company's recent Ratima Naree fixture. It reflects a broader industry trend where operators shift toward younger, larger-capacity bulkers to optimize fuel and capacity efficiency.
Operators reliant on bulk freight should monitor the Baltic Exchange Supramax Index as a baseline for supply chain cost forecasting. Reviewing current contract structures for index-linked clauses may provide necessary protection against rate volatility over the coming year.
The takeaway
Index-linked charter agreements serve as a hedge against market swings for both operators and owners. Businesses should evaluate their current freight agreements to determine if fixed rates or floating index-based pricing aligns better with their specific quarterly margin requirements.
What happens next
Precious Shipping is scheduled to receive the final two vessels from its $133.46 million ultramax acquisition program during the first quarter of 2027.
Further reading
For broader trends in global cargo movement, see the latest analysis in Transportation.
Source note: This article includes information reported by Splash247.
