Precious Shipping wins $85m term loan

19 October 2011 (Last Updated October 19th, 2011 18:30)

Precious Shipping has secured a term loan facility of $84.96m from ING Bank and DnB NOR Bank for the financing of four new dry bulk carriers.

Precious Shipping has secured a term loan facility of $84.96m from ING Bank and DnB NOR Bank for the financing of four new dry bulk carriers.

The banks will provide up to 80% of the $106.2m required to acquire the supramaxes.

The company will use the cash to fund the four new 57,000dwt vessels, which are on order at Yangzhou Guoyu Shipbuilding in China.

The vessels are scheduled to be delivered in 2012.