Thailand-based Precious Shipping Public Company Limited has offloaded a vintage bulker in an attempt to rejuvenate its fleet portfolio by selling its older vessels and acquiring younger and bigger vessels.

The owner via its Singapore subsidiary Precious Marigold sold its 2005-built Charana Naree handysize bulker on May 29 for $10.75m.

The 33,720-dwt vessel Singapore-flagged was, built in Japan, is expected to be delivered to its new owner between 10 June and 15 July, the company said in its stock exchange filing.

The shipowner didn’t disclose the name of the buyer but said it is an overseas company that does not have any relationship with the company.

As far as the payment terms is concerned, 20% of the sale price of the vessel has been paid to the seller’s account as a deposit according to the Memorandum of Agreement signed by the two parties.

The remaining balance of 80% is to be paid to the seller prior to the intended date of delivery.

After the disposal of this vessel and the inclusion of one secondhand vessel already purchased and four vessels ordered for construction but not yet delivered, the company’s fleet will consist of 41 vessels with an aggregate capacity of about 1,874,809-dwt.