Precious Shipping Orders Another $24 Million Cement Carrier, More Ships on the Way

Precious Shipping, a Bangkok-based dry cargo operator specializing in the small handy size (10,000 to 30,000 DWT) sector of the tramp freight market, announced yesterday in an exchange statement they have ordered their fourth, 20,000 dwt cement carrier from Shanhaiguan New Shipbuilding Industry Co. The total cost of the newbuild is USD $24.48 million and will be funded via internal cash reserves and/or debt financing from Precious Shipping’s existing credit facilities.

The new vessel is expected to be delivered no later than 30 November 2014 and will be Singapore-flagged. The three other newbuilds at Shanhaiguan are expected to be delivered in January 2014, April and July, respectively.

According to their 2012 annual report, Precious Shipping has about $220 million in funds which they say is aimed at funding 15-20 second-hand ship acquisitions, replacing phased out older ships in their fleet.