Precious charts course to become debt free

Bangkok: Precious Shipping has outlined its mid-term business plans in a note to the Bangkok bourse. While revealing its annual results, where it suffered a 2014 loss of $2.5m, Precious detailed what it described as “a three pronged strategy for the current very challenging years”.

New ecoships to the fleet and the sale of 21 older ships will be in place by early 2016 helping the company to “future proof” its assets.

Secondly, Precious has a complete succession plan in place, not only for the next generation that will succeed those who will retire in the coming years, but also their replacements.  Veteran managing director Khalid Hashim is one of those set to stand down.  

Finally, Precious has set a target to, through the sale of ships as well as its chartering strategy, to become debt free before the end of 2018/2019, well before the maturity of its long-term loans.  [02/02/15]