PSL Enters Into Shipbuilding Contract for Eight Bulk Carriers

Precious Shipping Public Company Limited (PSL), a pure dry cargo ship-owner from Thailand, has entered today into eight shipbuilding contracts for four 39,000 DWT bulk carriers and four 64,000 DWT bulk carriers with Chinese shipbuilder Taizhou Sanfu Ship Engineering Co., Ltd.

The delivery of the vessels will start with 31 August 2015 continuing through 2015 and 2016, the last one being slated for April 30, 2016.

The contracts have been signed in accordance with the Company’s strategy to rejuvenate its fleet by acquiring younger and bigger vessels. After the acquisition and delivery of these vessels and the delivery of eight more vessels already ordered (per various disclosures made earlier) but not yet delivered, Precious Shipping’s fleet will consist of 56 vessels with an aggregate capacity of about 2,048,583 DWT.

The individual contract price for each of four 39,000 DWT vessels is USD 21.96 million and each of four 64,000 DWT vessels is $27.48 million. The aggregate contract price of the 8 vessels amounts to $197.76 million.

PSL, December 20, 2013

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