Precious Shipping Acquires 4x Supramaxes

Precious Shipping has signed an agreement with Oswal Shipping of Singapore to acquire newbuilding contracts for four 57,000 dwt supramax vessels worth USD 98 million in total. The Thai dry bulk operator purchased the contracts by acquiring the entire issued share capital of four wholly-owned single purpose companies, each holding a newbuilding contract for one bulkcarrier with Wuhan Guoyu Shipbuilding and Yangzhou Guoyu Shipbuilding. The vessels are scheduled for delivery between March and August 2012.

The acquisition will be funded either by new credit facilities, excess cash flow from operations and/or utilisation of existing secondhand vessel acquisition bank facilities if the facilities are available when the vessels are delivered. Watson, Farley & Williams LLP acted as the advisor to the company.

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