Precious Continues Buying Spree

Precious Shipping is ordering construction of twelve new ships to be built at two shipyards in China.

The company has already signed contracts for ten bulk carriers that will be built at Sainty Marine Corporation Ltd. (Sainty). The remaining two shipbuilding contracts with Taizhou Sanfu Ship Engineering Co., Ltd. (Sanfu) will be signed shortly.

Construction price for the bulkers is estimated to be around $27.9 million per ship. The total value of the twelve 64,000 DWT (Ultramax) bulk carriers is $333.8 million.

Most of the newbuildings are slated for delivery in 2015 with the last one to be handed over in late March 2016.

After the acquisition and delivery of the 12 bulkers and the delivery of 18 more vessels that are already under construction, Precious’ fleet will consist of 69 vessels with an aggregate capacity of 2,927,661 DWT and an average age of 8 years.

[mappress]
SBT Staff, March 4, 2014