Precious Shipping Public Company Limited

Q2 2026 revenue was USD 58.3 million versus USD 44.2 million in Q1. Net profit was THB 521.5 million, or USD 15.87 million, equal to THB 0.35 per share; in Q1, net profit was USD 3.4 million and EPS was THB 0.07. EBITDA was THB 998.56 million, or USD 30.38 million. Return on equity was 7.34% versus 2.09% in Q1, and average time charter rates were $16,676 per day. Cash ended at USD 42 million; the company began the quarter with USD 44 million, generated USD 32 million from operations, spent about USD 33 million on capex, paid about USD 9 million in dividends, and received about USD 11 million in war risk insurance proceeds. Net debt-to-equity was 0.73 and total debt was about USD 398 million. For guidance/commentary, management said it does not normally give forward-looking statements, but pointed to a prebooking slide showing about USD 193 million of prebooked business at the start of 2026 and said Q4 Supramax FFA rates were about $19,000, with August around $18,500 and September near $20,000.

Khalid Hashim framed the quarter around favorable supply-demand conditions in dry bulk and a strategic shift toward larger, more profitable vessels. He emphasized that the company has diversified beyond pure dry bulk, reduced fleet age, increased average ship size, and materially lowered CO2 intensity through fleet renewal. He also said the tanker venture looks attractive, noting that MR2 tankers are averaging around $30,000 per day and that the order book remains benign.

Gautam Khurana highlighted the hard numbers: revenue of USD 58.3 million, net profit of USD 15.87 million, EBITDA of USD 30.38 million, and EPS of THB 0.35. He also pointed to the balance sheet and liquidity, including USD 42 million of cash at quarter-end, about USD 398 million of total debt, and a net debt-to-equity ratio of 0.73. He said the company received USD 10.98 million in war risk insurance proceeds for Mayuree Naree, took delivery of the first Ultramax newbuild, signed a USD 8.3 million credit facility with EXIM Bank of Thailand that had not yet been drawn, and continued paying dividends of THB 0.10 for both the final 2025 dividend and interim 2026 dividend.

Analysts asked about FFA rates, the outlook for the second half, Chinese iron ore inventories, the delayed departure of a vessel from the Persian Gulf, financing use cases, secondhand purchases, revenue diversification, coal market conditions, and tanker expansion. Management said Q4 Supramax FFA rates were around $19,000, with August at $18,500 and September near $20,000, and reiterated that it generally does not give formal forward guidance. On China, management said it has no concern about inventory because China buys when prices are low and holds cargoes. On the Persian Gulf vessel, management said the ship remained idle and then anchored because it was on charter and the charterers did not permit departure, and it is now considering a loss-of-hire claim under war insurance provisions.