Thailand-based dry bulk owner Precious Shipping announced it is receiving $50m less in credit facility after one of the lenders pulled out, Seatrade Asia online reports. Export-Import Bank of Thailand pulled out of an original $250m financing agreement, Precious Shipping said on Tuesday. The Bank of Tokyo-Mitsubishi UFJ, Bank of Ayudhya, Kasikornbank and Thanachart Bank will continue with $200m of credit facility for Precious Shipping. The loan, available up to 30 June 2012, will be used to fund the acquisition of additional second-hand vessels. The Bangkok-listed firm is looking to acquire up to 20 more vessels on top of its 21 newbuilding orders. It currently runs a fleet of 22 ships.
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