Downturn hits Yangzijiang

Shanghai: Yangzijiang Shipbuilding is not immune to the ongoing crisis in the yards sector. Second quarter profits slid 9% to RMB878m and the yard was forced to cancel six 82,000 dot kamsarmaxes ordered by an unnamed Chinese owner.  In the first half, yards controlled by Yangzijiang delivered 30 ships. The backlog stands at 80 ships worth $3.8bn, a mix of bulkers and containerships. Moreover, the yard is reported by Asiasis as being forced to renegotiate its seven plus 18 option 10,000 teu boxship deal with Seaspan as prices for containerships continue to plunge.  [09/08/12]

Related Posts