Yangzijiang: enters into a Cooperation Framework Agreement (CFA) with China Development Bank (CDB) and Peter Dohle, where CDB agrees to provide financing to Peter Dohle for the purchase of up to US$1b worth of shipping vessels from YZJ over the next 5 yrs. This comes as China and Germany work on building closer ties...
At the same time, Peter Dohle signs LOI to order 8x 10k TEU container vessels. Recall, Seaspan recently ordered 7 units of the same vessel (plus 18 options) from YZJ at US$100m per vessel.
While the latest contracts are non-binding, news will likely be taken positively by the market, particularly after recent concerns that vessel orders may slow down due to the potential supply glut...
With this latest order, YZJ would have a net outstanding orderbook of US$6.7b, vs FY10 revenue of Rmb 12.9b (US$2b).
Last wk, IIFL initiated at Add with TP $1.63.
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