Precious Shipping (SET:PSL) has signed four shipbuilding contracts for 64,500 deadweight tonnage Ultramax bulk carriers with Taizhou Sanfu Ship Engineering for $141.8 million, according to a Wednesday Thailand bourse filing.

The acquisition is part of the shipping company's fleet rejuvenation strategy to move towards fuel-efficient vessels with increased deadweight capacity.

Following the delivery, the company will have a fleet of 47 vessels.