Precious Shipping sank to a $37.3m second-quarter loss, dragged down by its settlement with China’s Sainty Marine and weaker markets.

The loss included a charge of $27.4m related to the settlement of its long-running dispute with the former Jiangsu province-based shipbuilder over 11 ultramax bulkers.

Master and crew of grounded bulker off Mauritius were not caught up in crew change crisis
 Read more

Precious described the settlement as a “win-win” for both sides, with the bulker owner already receiving $40.5m