Yangzijiang Q3 profit dips 6% to 820m yuan

YANGZIJIANG Shipbuilding has secured US$2.1 billion in new shipbuilding orders year-to-date, and with 28 options still to be exercised, the group has already exceeded its target to secure US$2 billion in new orders this year.

At a press briefing yesterday to post its Q3 2013 results, YZJ's executive chairman, Ren Yuanlin, said the group expects more options for new ships to be converted into actual orders by the end of the year, and a stronger new order momentum going into 2014.

Out of 28 options worth an estimated US$1.36 billion yet to be exercised, 11 are for containerships worth US$0.85 billion with the rest for 17 bulk ships worth US$0.51 billion. With some US$3.9 billion in its existing orderbook, the group said its China-based shipyards will be operating at close to full capacity up to 2016.