Thailand’s Precious Shipping Public Company Limited (PSL) reported that four of its wholly owned Singapore subsidiaries, namely Precious Glories, Precious Wisdom, Precious Sparks and Precious Bridges, have entered into Japanese operating lease with call option (JOLCO) transactions in respect of four dry bulk vessels.
The company said the deal involves the Vipha Naree (2015-built, 38,851-dwt), Viyada Naree (2016-built, 38,716-dwt), Baranee Naree (2012-built, 56,441-dwt)and Daranee Naree (2012-built, 56,588-dwt).
Under the JOLCO transactions, the ships will be sold to special purpose companies incorporated in the Marshall Islands established for the purpose of the JOLCO transactions.
The vessels will subsequently be bareboat chartered back to the subsidiaries for a fixed charter period.
The company said the vessels will continue to be operated by the subsidiaries under the Singapore flag in the normal course of the group’s business.
According to PSL, the transaction structure enables the company to obtain long term financing for the vessels while retaining operational control through bareboat charter arrangements together with options to repurchase the vessels on pre agreed dates.
The aggregate financing amount for all four vessels (transaction size) is $49.80m.
The bareboat charter period is for Vipha Naree 5 years and 10 months, Viyada Naree 5 years and 10 months, Baranee Naree 4 years and 11 months and for Daranee Naree 4 years and 11 months.
The scheduled delivery date for all four vessels is on March 19, 2026.
