YZJ raises new-order target to S$2b from S$1.5b; shares hit 6-year high

YANGZIJIANG Shipbuilding's (YZJ) executive chairman says the shipbuilding group now targets to wrap up financial year 2017 with US$2 billion of new orders, up from the previous full-year target of US$1.5 billion.

The group is also eyeing US$2 billion of new orders for 2018, executive chairman Ren Yuanlin told reporters at a briefing on Friday on its third quarter financial results.

In its quarterly results statement on Thursday, YZJ said it secured new orders of 59 vessels with a total value of US$1.6 billion to date this year, exceeding the previous target of US$1.5 billion.