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Precious Shipping amends Sanfu newbuild contracts

Precious Shipping has announced that it has executed four settlement agreements and one amending agreement with Chinese yard Taizhou Sanfu Shipbuilding, the vessels part of eight shipbuilding contracts remaining from an order placed in December 2013.

Under the new agreements the price for each of the four remaining 64,000dwt bulkers, which are to be delivered to Precious Shipping this year, has been amended to $25m.

Due to delay in delivery of another four 39,000dwt ships at the yard, Precious Shipping has cancelled three contracts, and retained one at a lowered price of $18m.

Precious Shipping said it plans to sell another seven older ships during 2016 and 2017 as part of its fleet rejuvenation plan.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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