Bangkok: Precious Shipping continues to hold back from taking too many long-term chaters amid a weak freight rate environment. Managing director Khalid Hashim, in an emailed statement, said that the shipping line’s four-year forward charter book through to 2017 is currently at just 15.6% of the total fleet with a visible revenue stream of $170m.
“With rates and the [Baltic Dry Index] being at its current low level we will have to wait out the current uncertain period before re-employing this strategy to lock in longer term contracts in the future when the BDI starts to clearly move in an upward direction,” Hashim said. [01/07/13]
