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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Frasers Property H1 profit slides 81% on property value losses, lower residential contributions
US bill to restrict WuXi AppTec, Chinese biotechs revised to give more time to cut ties
Barclays cuts jobs in energy transition team it only just built
UMS Holdings Q1 net profit drops 44% to S$9.8 million
SIA Engineering H2 profit rises 11.5% to S$37.8 million on robust aviation MRO demand
Great Eastern shares jump 39% as OCBC mounts S$1.4 billion privatisation bid at S$25.60 per share