Thailand: Precious Sells Four Delayed Newbuildings

Precious Shipping dry cargo ship-owner from Thailand has sold its four newbuild bulk carrier orders, placed with ABG Shipyard to Global Carriers Pte Ltd from Singapore amid the shipyard’s failure to deliver the vessels in time.

“Due to indefinite delays in delivery dates and passing of the contractual cancellation dates of Hull 336 and 316 and similar delay expected in delivery of Hull 340 and Hull 347, the company has opted to dispose of the contracts because the disposal in this manner and on these terms allows the company to fully recover all installments paid to the builder plus interest at a rate of 7.5% per annum from the dates of payment of the respective installments with additional compensation,” Seatrade Asia cited Precious Shipping as saying.

The order comprises of two 32,000 dwt and two 54,000 dwt bulkers dating back from 2007 and 2008.

PSL signed 12 shipbuilding contracts in 2007 for delivery of 12 new ships of DWT 34,000 each, double hull, open hatch, semi box shaped, craned log-carriers/bulkers from ABG Shipyard.

The fleet rejuvenation continued with the contracts signed in 2007-2008 for additional six 54,000 DWT double hull, craned, supramax, newbuilds from ABG Shipyard and further signed (through a Joint Venture with a 50 percent share), 3 shipbuilding contracts for 3 new cement carriers with ABG Shipyard in 2010 to deliver to Ultratech India these cement carriers.

[mappress]

World Maritime News Staff, September 12, 2012; Image: ABG Shipyard