Thailand-based dry bulk owner Precious Shipping is eyeing vessel acquisition opportunities and preserving cash flow during the current market downturn where low freight rates have been strangling shipping companies. Headquartered in Bangkok, the dry cargo shipowner is also trying to fix all of its ships on longer-term hire contracts for guaranteed cash flows in the foreseeable future, according to managing director Khalid Hashim. The silver lining of the downturn is possible opportunities to buy secondhand ships at'what will certainly be historically low prices especially when compared with prices prevailing over the last decade,'says Hashim. We are waiting for about $550m to $580m of cash/credit lines to buy secondhand ships.'
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