The Singapore office of Watson, Farley & Williams LLP advised Thai dry bulk operator, Precious Shipping, on its acquisition from Oswal Shipping of Singapore of newbuilding contracts for four 57,000 dwt supramax vessels worth US$98 million in total.
Precious purchased the contracts by acquiring the entire issued share capital of four wholly-owned single purpose companies, each holding a newbuilding contract for one bulkcarrier with Wuhan Guoyu Shipbuilding and Yangzhou Guoyu Shipbuilding. The vessels are scheduled for delivery between March and August 2012.
The WFW team consisted of partner Damian Adams and associate Winnie Lee.
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