Thailand-listed Precious Shipping Public Company Limited has sold one Handysize bulk carrier Fonthida Naree through its subsidiary Precious Cities Limited  as a part of the company's fleet renovation plans.

The 1995-built 29,503dwt bulker was sold to an unnamed Singapore-based company for US$1.51m.

The sale comes "in accordance with the company's strategy to rejuvenate its fleet by selling its older vessels and acquiring younger and bigger vessels. This vessel is old and therefore, has been sold," the company said in a filing.

The ship was delivered to its new owner on March 21.