JES Holdings

JES Holdings: announced several new contract wins. To deliver two 23,000 dwt bulk carriers to Shanghai Baosteel in 1H12, one 82,000 dwt bulk carrier to Ermeland Shipping by end 2011, and three 95,000 dwt bulk carriers to Liberian companies by 1Q12. Contract values not disclosed, but we est. a ball park total contract value of US$180m, based on latest Handysize and Panamax newbuild prices. No analyst coverage on JES, which trades at 0.6x PB. PE not meaningful as was loss-making in FY09 and 1Q10.