ABG bags PSL order

ABG Shipyard in Mumbai, India, has secured a major order for 12 bulk carriers of 32,000 DWT at a total price of $360 million from Precious Shipping Public Co. Ltd. (PSL), Thailand, as a part of its ship acquisition programme. Delivery of the first unit is scheduled in March 2010 with subsequent deliveries at three monthly intervals with the last newbuilding entering service in 2013.

PSL is a pure dry cargo ship-owner operating in the handy size sector of the tramp freight market and currently running a fleet of 44 ships.