Cosco Singapore Higher on New Shipbuilding Orders

Friday, October 26, 2007
Shares of Cosco Corp. Singapore, a shipping company that owns a shipyard in China, rebounded after announcing it secured an order to build 29 bulk carriers worth $1.34b. The news has provided the stock a much needed shot in the arm as investors have been selling the stock in the last two days on concerns its shareholder, shipyard operator SembCorp Marine Ltd., may sell more shares in the company. SembCorp Marine said it had sold 39 million Cosco shares, taking its holding to 111.4 million shares. The latest orders put Cosco's current order book at $6.4b, $6.2b of which were secured this year, according to Kim Eng Securities. The brokerage believes Cosco could secure another $900m in orders based on existing options with customers. Following the new orders, DBS said it has raised its 2008 net profit forecast by 10 percent to $499.8m and its 2009 net profit forecast by 10 percent to $725.1m. For 2007, DBS expects Cosco to achieve a net profit of $296.2m, compared with $205.5m in 2006. [Source: Thomson Financial]
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Alaska, Washington to build Arctic Icebreakers

Senator Lisa Murkowski, Alaska, and Senator Maria Cantwell, Washington, have introduced a bill that would authorize the Navy to build up six icebreakers for use by the U.

Launch of First Future Destroyer, Hobart

Speech delivered by the Minister for Defence, Kevin Andrews during the launch of Hobart - the first future destroyer: Thank you for being here on this very important day.

Fincantieri Invests In Camper & Nicholsons

Fincantieri has signed an agreement for the acquisition of a minority stake via capital injection in Camper & Nicholsons International (Camper & Nicholsons), the

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0794 sec (13 req/sec)