• 2012 September 12 10:34

  Precious sells delayed ABG Shipyard newbuildings

  

  Precious Shipping has sold off four more newbuilding contracts at ABG Shipyard as indefinite delays in delivery are faced, Seatrade Asia online reports.
  
  The two 32,000 dwt and two 54,000 dwt bulkers were contracted in 2007 and 2008 at ABG by Precious Shipping.
  
  “Due to indefinite delays in delivery dates and passing of the contractual cancellation dates of Hull 336 and 316 and similar delay expected in delivery of Hull 340 and Hull 347, the company has opted to dispose of the contracts because the disposal in this manner and on these terms allows the company to fully recover all installments paid to the builder plus interest at a rate of 7.5% per annum from the dates of payment of the respective installments with additional compensation,” Precious Shipping said.
  
  The newbuildings are being sold to Singapore-based Global Carriers Pte Ltd. The same company has bought previous newbuilding contracts cancelled by Precious Shipping at ABG and checks with the Singapore Accounting and Regulatory Authority showed the shipowner to be a related company to ABG Group.

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