Yangzijiang Shipbuilding (Holdings) Limited, one of China’s leading and most enterprising shipbuilder listed on the SGX Main Board, announced cessations for 8 shipbuilding contracts in 1H2012, and has since successfully secured new customers for all 8 of these vessels.
4 vessels have been delivered to new customers, with the remaining 4 scheduled for delivery in 1H2013.
Due to the continued worsening of the commercial shipbuilding industry, the Group has recently ceased a further 4 shipbuilding contracts in accordance to contractual terms and confiscated the corresponding deposits so as to minimize operational risks.
The ceased shipbuilding contracts involve two 2,500 TEU container ships and two 82,000 DWT dry bulk carriers. The Group is actively sourcing for indicative buyers for the two 2,500 TEU containerships.
Construction work for the two 82,000DWT dry bulk carriers have not started.