YZJ wins Aussie deal; plans non- core divestment

YANGZIJIANG Shipbuilding (Holdings) has penetrated the Australian market, clinching a contract for four very large ore carriers (VLOCs) estimated by research firm OSK DMG to be worth US$260-280 million.

This will bring the China-based company's year-to-date order wins to an estimated US$1.35 billion and put it ahead of schedule to meet its full-year target of US$1.5-2 billion, said OSK DMG.

In its announcement of the contract yesterday, Yangzijiang also said that it plans to eventually divest its non-core activities and maintain its focus on its core shipbuilding business, a move seen by OSK DMG as being positive on market sentiment.