Continues to secure orders. Yangzijiang Shipbuilding (YZJ) has continued to secure orders in recent weeks. Around the end of Dec 2010, Hua Yang International Marine placed orders for eight bulk carriers (two Panamax, two Handymax and four 47,500 DWT vessels). Though prices were not disclosed, the value of the eight contracts is estimated to be about US$248m (Exhibit 1). YZJ also announced recently that it has entered into 15 shipbuilding contracts from 1 Sep - 31 Dec 2010, with an aggregate contract value of US$415.3m. This brings full year new order intake to about US$1.5b, excluding options worth about US$300m. As this is in line with our new order estimates, we keep our FY11/12 forecasts intact.
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