announced that it has won 10 shipbuilding contracts worth US$234.16m in the 2Q10, which are scheduled for delivery before July 2012. The awards lifted YZJ's outstanding order book to 124 vessels (bulk carriers a/c for 82 of the 124 vessels on order while the rest are containerships) worth about US$5.2 bn as at June 30. Despite the slump in dry bulk freight rates, bulk carrier demand YTD has been relatively robust, in line with what other players such as Cosco & JES are seeing.
the risk is low and US economic numbers to be released in the coming weeks will show the way.
We understand the order book of YZJ's newly acquired shipyard - Jiangsu Yangzi Changbo Shipbuilding Co (JYCS) - is not included in the figures. As at June 30, JYCS's order book stood at US$338m, with 20 vessels, slated for delivery between the 2H10 and 1H12. Separately, YZJ said yesterday it has obtained approval from the Taiwan Stock Exchange (TSE) and Taiwan Central Bank (TCB) for its TDR listing. The TDR shares comprise up to 100m new shares and up to 20m vendor shares.
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