Precious Shipping has issued debentures worth THB3.59bn by way of public offering and received an equivalent amount in proceeds.

Bangkok-based Precious Shipping has cancelled two more shipbuilding contracts for a pair of 64,000 dwt bulk carriers at embattled Chinese yard Sainty Marine.

Thailand’s Precious Shipping has posted a deeper loss for the third quarter as expenses rose amid a difficult dry bulk shipping market.

Thailand’s Precious Shipping has accepted a close to $4m discount on the contract price of two newbuilding 63,345 dwt bulk carriers under construction at China’s Taizhou Sanfu Ship Engineering.

Bangkok-based dry bulk shipowner Precious Shipping has cancelled two newbuildings ordered at embattled Chinese yard Sainty Marine.

Precious Shipping is the latest dry bulk operator to report a loss, as falling Chinese coal imports and tonnage oversupply plague the market.

There has been a troubling trend of public equity markets demanding very specific pure play offerings from shipping companies, says BW Group chairman Andreas Sohmen-Pao.

Thailand’s Precious Shipping has agreed to amendments made to shipbuilding contracts with China’s Taizhou Sanfu Ship Engineering for an upgrade from handysize bulkers to ultramax bulkers.

The dismal dry bulk shipping market in 2014 dragged handy specialist Precious Shipping into the red with a full year net loss of $2.47m.

Financing will be the “biggest challenge” for shipowners in 2014, with small, non-listed companies left out in the cold according to Precious Shipping boss Khalid Hashim.