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Precious retires older vessels

Precious retires older vessels
Precious Shipping has recently sold a vessel of its subsidiary for Bt120.49 million after selling two vessels for Bt246 million late last year.

Precious Shipping has recently sold a vessel of its subsidiary for Bt120.49 million after selling two vessels for Bt246 million late last year.

Precious Shipping, a dry bulk shipping firm, has recently sold a vessel of its subsidiary for Bt120.49 million after selling two vessels for Bt246 million late last year. The move is part of the company's strategy to rejuvenate its fleet by retiring its older vessels and acquiring a younger and bigger vessels. Managing director Khalid Moinuddin Hashim told the Stock Exchange of Thailand yesterday that the buyer is a company incorporated in Panama on January 21.

The vessel, "MV Mallika Naree", is a 23,386 dead-weight tonnes (DWT) bulk carrier, built in 1984. It is expected to be delivered from February 15-27 at the seller's option.The company has received a 20-per-cent deposit, with the balance due on delivery of the vessel.

After the disposal of this vessel, the company's fleet will consist of 41 vessels with an aggregate capacity of 1 million DWT.

The company reported on January 21 that its subsidiary, Precious Planets, has sold "MV Sukarawan Naree" for Bt135.84 million to Sea Gate Management in Panama as a nominee of Red See Navigation, from Egypt. The 25,725 DWT bulk carrier was built in 1985.

On December 12, the firm said its subsidiary, Precious Trees, has sold its 22,835 DWT vessel "MV Fonarun Naree" worth Bt109.27 million to a Vietnamese buyer named Hoangson.

Asia Plus Securities reiterated in its report that shipping companies would recover after the Chinese New Year because the prices of metal ore and coal imported by China are moving steadily above their lowest points.

The brokerage upgraded Precious Shipping's stock from "hold" to "buy". The company is estimated to enjoy a normalised profit of Bt4.45 billion in 2008 and Bt2.87 billion in 2009.

Precious Shipping's stock closed at Bt11, up 1.85 per cent from Tuesday.

www.TurkishMaritime.com.tr

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