Khalid Hashim, managing director of Precious Shipping Plc, says his hands are tied. Thailand's largest shipping line, specializing in bulk shipping, mainly of commodities such as rice and sugar, is unwilling to increase its equity in a market it says undervalues its shares. And it is unable to seek more debt from a Thai banking system badly burned during the Asian financial crisis of 1997/98. So much cash flow goes on servicing debt it assumed before the crisis that it can scarcely afford to replace its 35 ships as they age. "If we don't expand the business, if we don't take any steps to get out of the restructuring cash flow trap that we're in..., then in four years' time we'll be debt-free but down to 17 ships," Hashim said.