Thailand’s Precious Shipping has made its first move into the tanker sector with the acquisition of a medium-range product tanker as it looks to diversify beyond dry bulk.

The Bangkok-listed owner said its wholly owned Singapore subsidiary, Precious Horizon, has agreed to buy the 2006-built MR tanker Florence for $11.1m.

The 48,000 dwt vessel was built at Iwagi Zosen in Japan and will mark the group’s entry into the product tanker space.

The Khalid Hashim-led company, which operates a fleet of around 40 bulk carriers, said the acquisition forms part of a broader strategy to expand into the tanker segment and reduce reliance on the cyclical dry bulk market.

By adding tankers, the company aims to tap into different demand drivers and chartering dynamics, creating a more balanced revenue base and improving long-term resilience.

The move is not a one-off. In March last year, Precious Shipping signalled its intention to branch out beyond bulkers when it teamed up with Malaysia-based Emstraits Navigation and Lianson Fleet to form a joint venture.

The venture, named Nusantara Maritime, is focused on shipowning, operations and leasing across the LNG, LPG and crude tanker segments.

With the MR purchase, set to close by March 15, Precious Shipping has now taken a concrete step into the tanker market, marking a shift for a company long associated with the dry bulk trades.