Cosco: 51% owned subsi Cosco Shipyard has secured 3 orders and 1 option to build USD113m worth of special purpose carriers. The 3 orders are scheduled for delivery btwn Feb 2013 and Feb 2014. Option will expire by end of June 2011. More on Chinese shipbuilders in Deutsche report.
Chinese Shipbuilding: Deutsche issue report noting healthy enquiries for containership and expects firm demand driven by positive macro outlook and relatively manageable global order book, 25% of total fleet below average of 32% in 1995-2010. Top picks include Buy, YZJ TP$1.90, Cosco TP$2.15 and HK counter China Rongsheng TP HK$7.45...
YZJ has indicated enquiries for dry bulk remain healthy despite falling Baltic rates, mainly from Chinese customers who wish to reduce reliance on charterers. Consolidation is expected in shipyard space due to recent order cancellations at smaller yards and re-ordering at larger yards. House also expects a stronger economy to lift sentiments of vessel owners and flow down to pricing power on end of shipyards…
On additional news, BDI rose to a 3-wk high on demand to transport S.American cargoes, advancing 30 pts (+2.5%) gaining for a 7th day.
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