Precious Shipping acquires handysize bulker for $24m

Bangkok: Precious Shipping has purchased a second handysize bulker from the secondhand market as part of its fleet renewal programme. The 31,700 dwt, 2005-built, Nalinee Naree was acquired for $23.75m and will join the company's fleet in March this year. The new vessel will be deployed on an existing Precious Shipping charter contract till September 2014, substituting another vessel that has been sold. The charter contract will generate earnings of about $19.25m. Precious Shipping plans to add a further 23 vessels to its fleet, and has secured $500m in credit lines for this purpose. [09/02/10]