JES

JES: 4Q13 net loss widened y/y to Rmb182.3m (+8%) from liquidated and ascertained damages charged for actual and potential delayed vessel deliveries (Rmb42.7m), FX loss (Rmb2.4m) and losses impaired from ongoing contracts (Rmb36m), partially mitigated from a gain from disposal of scrap materials. Revenue crashed 83% to Rmb50.9m, mainly due to a slow-down in production, lower contract prices for vessels and a reversal due to contract cancellation. Separately, JES secured US$240m in new shipbuilding contracts to construct four Newcastlemax and a post-panamax bulk carrier from European customers, with delivery between Jul '15 - Jun'16.