Thai carrier lining up nearly $500 million in new vessels
Thailand's largest shipping line, Precious Shipping, is planning to spend $474 million on 15 new vessels, Reuters reported Monday.
The vessels are to be delivered between 2010 and 2013 and would replace a portion of Precious' aging 44-ship fleet — 25 of its ships are more than 20 years old. Most of the money for the spending spree will come from bank loans, an official told the news agency.
Precious carries mostly commodities and building materials and competes primarily with Thoresen Thai and foreign rivals COSCO and China Shipping, the report said.