Report: Precious Shipping delays bond sale
Thai shipping company Precious Shipping PCL reportedly is delaying plans to raise up to $1 billion through bond sales.
Reuters reports that the delay is due to the U.S. sub-prime lending crisis.
Precious has a fleet of 44 handysize ships for carrying dry bulk cargo and logs.
It announced in July that it had signed an order for 12 new 32,000 dwt bulk/log carriers to be built by ABG Shipyard in India, at an aggregate cost of $360 million. The ships are to be delivered from 2010 to 2013.
The company said the bond sale was one of several alternative ways that it might raise funds for the ships — others included arranging a new line of credit, modifying existing loans, or funding from surplus cash flow.
Report: Precious Shipping delays bond sale
