China-based Yangzijiang Shipbuilding enjoyed a huge increase in earnings in the first-half of 2011 on higher number of ship deliveries, Seatrade Asia online reports. Net profit in the first-half rose 38% to S$1.92bn ($1.58bn) compared to S$1.39bn in the same half of last year. Its second-quarter net profit increased 20% quarter-on-quarter to S$963.92m.
The Singapore-listed shipbuilder recorded revenue of S$6.21bn in the first-half, up 8% from S$5.75bn in the previous half of 2010.
Yangzijiang delivered 29 vessels in the first-half compared with 22 vessels delivered in the first-half of last year.
The company's orderbook comprises 126 vessels, mostly bulk carriers, worth $5.5bn as at 30 June 2011.
“On the bulk carrier side, the outlook seems weak as vessel prices are squeezed due to the oversupply concerns,” said Ren Yuanlin, executive chairman of Yangzijiang.
The Singapore-listed shipbuilder recorded revenue of S$6.21bn in the first-half, up 8% from S$5.75bn in the previous half of 2010.
Yangzijiang delivered 29 vessels in the first-half compared with 22 vessels delivered in the first-half of last year.
The company's orderbook comprises 126 vessels, mostly bulk carriers, worth $5.5bn as at 30 June 2011.
“On the bulk carrier side, the outlook seems weak as vessel prices are squeezed due to the oversupply concerns,” said Ren Yuanlin, executive chairman of Yangzijiang.