Precious Shipping has raised fresh funds from the Export-Import Bank of Thailand to help finance its business operations.
The Khalid Hashim-led shipowner secured a $25.5m, two-year loan facility from the state-owned institution, according to a regulatory filing.
It carries interest of Secured Overnight Financing Rate, currently 5.31%, plus an undisclosed margin.
Precious said the loan facility shall be repaid in 28 quarterly instalments, beginning three calendar months after the drawdown.
Security is provided by the first priority mortgages on the 63,500-dwt Inthira Naree and Issara Naree (both built 2014).
The two Chinese-built ultramax bulkers have a secondhand value of $20.3m each, according to VesselsValue.
Bangkok-listed Precious Shipping is no stranger to Exim Bank Thailand, having agreed to a similar facility for $26.25m in August 2023.
In the fourth quarter of last year, the shipowner raised about $160.5m in fresh loans to fund possible newbuildings, as well as to refinance an existing loan and refinance two handysize bulkers.
Among the new loans was a $105m sustainability-linked loan from the International Finance Corp, Exim Bank of Thailand and Credit Agricole Corporate & Investment Bank to fund the acquisition of up to six bulkers.
Earlier this month, Precious Shipping raided the secondhand market to acquire a modern handymax, paying $25.25m for Interlink Maritime’s 40,000-dwt Interlink Amenity (built 2018).
The Chinese-built ship is due to be handed over by the end of April and will be registered under the Singapore flag.
In late February, Precious Shipping sold the Thai-flagged 28,500-dwt Rattana Naree (built 2002) for $6.5m, a value it described at the time as the “market price”.
