Precious in ABG bulker resales

Thailand-based dry bulk cargo specialist Precious Shipping has sold three small dry bulk ships ordered at India’s ABG Shipyard in 2007 to a third-party buyer after the Indian shipbuilder slipped on delivery schedules.


The three ships were part of the 18 ordered by Bangkok-based Precious Shipping at ABG at a total cost of $518m with deliveries starting from March 2010 and running through to December 2013. The first two ships with a cargo carrying capacity of 34,000 tones each were slated for delivery on 15 March and 31 July 2010, while the third with a cargo carrying capacity to 54,000 tones was to be handed over on 31 December 2010. The three ships are now expected to be completed later this year.


Precious Shipping said in a statement to the Stock Exchange of Thailand that it has sold these three ships to Global Bulk Carriers Pte Ltd. Precious Shipping said that the delivery dates of these three ships were “not suitable” and that it opted to dispose of the contracts because it enabled the ship owner to “fully recover all instalments paid to the shipbuilder plus interest at 7.5% per annum plus $100,000 per shipbuilding contract”.
(Source:http://www.seatrade-asia.com