Shipyards

Shipyards: JES, Yangzijiang, Cosco, Jaya all up btwn 1-3% in morning session, and among top actives, following glowing sector report by DBS. Says the shipbuilding sector has passed the worst underpinned by positive signals from i) sustainable and stable orderflow; ii) recovery in vessel prices; iii) firmer freight rates. Expects sector to be re-rated as it continues its recovery into 2011.