YZJ

YZJ: Credit Suisse cites Lloyd’s list with news that an order for two 33.6k DWT bulk carriers has been cancelled after client Greek-based FreeSeas defaults. House highligts that effect on earnings is likely to be muted as co wld have received 20% of the payment and is still able to resell the carrier. Approx 5% of co’s $4.5b orders are bulk-carriers and co has 3rd largest exposure amongst Asian-listed shipbuilders to Europe at 67% of sales.