Precious ditches last Taizhou Sanfu contract

Precious Shipping has binned its last newbuilding contract at China’s Taizhou Sanfu Ship Engineering.

The Thai owner said the agreement for a 63,345-dwt ship – with hull number SF 130130 – was automatically terminated as the yard “was not able to fulfill one of the conditions precedent”.

Precious is not expecting any refund from Taizhou Sanfu as no instalments had been paid to the shipyard.