AsiaDry Cargo

Precious confirms demolition of another handy bulk carrier

Precious Shipping has confirmed it has scrapped another bulk carrier, which will be the eleventh vessel sold for demolition by the Thai owner this year and the third this week.

The sale of the handysize  Parinda Naree (23,720 dwt, built 1995) was agreed with the buyer on August 2 at a price of $1.29m, Precious said in an exchange filing. The vessel was delivered on Tuesday this week.

The confirmed price is equivalent to around $270/ldt for the 4,774-ldt vessel, which the owner said is in line with market pricing.

Earlier this month, brokers reported Parinda Naree had been sold to breakers in India. Its last AIS signal, recorded on August 11, showed the vessel at anchor off the coast of Mumbai.

Precious said its strategy is “to rejuvenate its fleet by selling its older vessels and acquiring younger and bigger vessels”.


Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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