Precious Shipping plans US$550m ship-buying scheme (Bangkok Post)

SET-listed Precious Shipping Plc (PSL),Thailand’s second largest dry bulk carrier, will start its US$550m buying programme for second-hand ships when shipping rates fall to 2,000 points on the Baltic Dry Index. “We are expecting the rates to decline further when significant supply of new ships arrives the market later this year,but not to the level of as low as(660 points) seen in December 2008,” Mr Hashim said. “And when the rates fall to the 2,000level, it would give us good opportunity to get second-hand ships aged five to nine years ata price of below $25m each.”