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Precious Shipping has confirmed receipt of $10.98 million in war‑risk insurance proceeds after its bulk carrier Mayuree Naree was destroyed in an attack on March 11 while leaving the Strait of Hormuz.
Details of the incident and financial impact
The vessel was struck by two projectiles as it exited the Arabian Gulf, leading to a total constructive loss. The company’s second‑quarter newsletter noted that the payout covered both the loss of the ship and statutory crew compensation, while $1.26 million in expenses were recorded as a direct result of the event.
At the time of the attack, 23 crew members were aboard. Twenty were rescued; three died. Of the survivors, 17 have returned to work, and the remaining three are pursuing legal action against the firm and related parties.
On July 10, former crew members Panithi Tumkaew, Noppadon Wongsuvan and Suradech Manpuen filed a lawsuit in Bangkok’s Central Labour Court. The claim targets Precious Shipping, its affiliates Precious Flowers and Great Circle Shipping Agency, and the vessel’s captain, Sathaporn Hoksee, alleging negligence for ordering the transit through a known conflict zone.
The company responded that it “has consistently acted in compliance with applicable laws, contractual obligations, and internationally accepted maritime practices.” It added that it is defending the claim and does not anticipate any effect on its June 30 financial statements.
Other vessels and ongoing challenges
A second bulk carrier owned by the same group, the Hatthaya Naree, remains stranded in the Gulf. After being redelivered from a charter in Hamriyah, UAE, in early March, the ship was slated for a new charter on June 24 but has yet to depart the region.
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“Due to the continuing security situation in the Strait of Hormuz, the vessel remains in the region pending safe onward transit,” the firm said, indicating that risk assessments still influence routing decisions.
Families of the deceased now face both emotional and financial burdens, while the surviving seafarers must cope with legal uncertainty and the prospect of returning to a volatile route.
The incident also reveals the broader exposure of commercial shipping to geopolitical tensions. War‑risk insurance provides a financial safety net but does not replace the human cost of such attacks. Operators must balance the need to maintain trade flows with the responsibility to protect personnel, a tension that may shape future charter agreements and routing policies.
Handling of the claim will likely be watched by other operators in the region, as insurers and regulators assess the adequacy of risk premiums in light of recent events. The outcome could influence how quickly vessels are cleared to move through contested waterways, affecting global supply chains that rely on timely passage through the strategic passage.
Meanwhile, the stranded Hatthaya Naree adds a layer of operational strain. Its delayed departure not only ties up a valuable asset but also postpones cargo deliveries that depend on its capacity. The statement hints at a cautious approach, waiting for a clearer security picture before committing the ship to further voyages.
