Precious Shipping Offloads Old-Timer


Thailand-listed Precious Shipping Public Company Limited has sold one Handysize bulk carrier named M.V. Fonthida Naree through its subsidiary Precious Cities Limited within the company’s fleet renovation plans.

The 1995-built 29,503 DWT bulk carrier was sold to an unnamed company from Singapore for USD 1.51 million.

The sale comes “in accordance with the company’s strategy to rejuvenate its fleet by selling its older vessels and acquiring younger and bigger vessels. This vessel is old and therefore, has been sold,” the company said in a filing.

As disclosed, 50% of the sale price of the vessel was deposited to the seller’s nominee account as deposit and the balance of 50% of the sale price was paid on delivery of the vessel along with the deposit.

The ship was delivered to its new owner on Monday, March 21st.

As at December 31st, 2015, the company operated a fleet of 41 bulkers and 4 cement carriers, representing 1.6 million DWT, with average age of about 10 years.

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