Precious Shipping Public Company Limited signed four shipbuilding contracts with Taizhou Sanfu Ship Engineering Co., Ltd. on September 30, 2026. These contracts involve the construction of four cargo vessels with a capacity of 64,500 DWT.
Contract Details
These shipbuilding contracts are aimed at updating Precious Shipping's fleet and adding new vessels with optimized fuel consumption. The new vessels will be designed as Ultramax and will feature improvements over the previous generation of the company's ships. These features include increased cargo capacity, updated propulsion systems, shaft generators, and optimized hull designs.
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Goals and Benefits of the New Purchase
Adding these vessels to Precious Shipping's fleet is intended to improve fuel efficiency, reduce emissions, and enhance the long-term performance and competitiveness of the ships. With the delivery of these four new vessels along with two others that have been previously ordered, Precious Shipping's fleet will reach 47 vessels with a total capacity of approximately 2,335,869 DWT.
Financial Terms and Payments
The contract price for each vessel is equivalent to $35.45 million, totaling $141.80 million or approximately 4,767.32 million baht for the four vessels. Payments will be made in installments with the following terms:
- First installment: 25% of the contract price upon receipt of a repayment guarantee by the buyer.
- Second installment: 15% after the steel cutting process for the vessel begins.
- Third installment: 10% after the keel is laid for the vessel.
- Fourth installment: 10% after the vessel is launched.
- Fifth installment: 40% upon delivery of the vessel.
These contracts are assessed in the current highly competitive market, and the financing for the construction of the vessels will be sourced from internal resources and financial loans.
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