Precious orders new vessels

Precious Shipping, Thailand’s largest shipping firm, has plans to spend $474 million on 15 new vessels to replace its ageing fleet. About $114 million would be earmarked for three new Supermax ships, which range in size from 50,000 to 60,000DWT, and the rest for 12 ships previously announced by the firm. The first ship will be delivered in 2010 with the last unit entering service in 2013.

Precious operates 44 small-to-medium sized ships with a combined capacity of 1.13 million DWT and an average age of about 19 years. The firm said last month 25 vessels are more than 20 years of age and need to be replaced over the next five to seven years.