Yangzijiang to Build Huge Ore Carriers for Australia
Chinese shipbuilder on the SGX Main Board Yangzijiang Shipbuilding Holdings Limited announced that it has secured a shipbuilding contract for four 260,000DWT very large ore carriers (VLOC). The shipbuilding contract was secured from an Australia based ore company listed on the Australian Securities Exchange and the contract is the first of its kind in Yangzijiang’s orderbook. Yangzijiang’s ability to break into Australia, a new geographical reach, continues to demonstrate shipowners’ growing confidence in Yangzijiang’s shipbuilding competency, the builder said.
Padbury Shares Dive as Aussie Port Deal Scrapped
Shares in Australia's Padbury Mining Ltd plunged as trading in the stock resumed after its plans for a deal to build a $6.5 billion iron ore port and rail network collapsed within a month of being announced. Padbury, a small explorer, surprised markets on April 11 when it said it had lined up more than $6 billion in funding from unnamed investors to build an iron ore port and rail line in Western Australia, a project that had been stuck on the drawing board for two decades. Padbury's announcement triggered a spike in its shares and the Australian Securities Exchange slammed a halt on trading until the company provided more details on the deal.
Padbury delays detailing port funding
Padbury Mining on Thursday failed to reveal the investors behind a more than $6 billion port and rail project in Western Australia's iron ore belt, asking for its shares to remain suspended until it can provide details on the huge deal. The small Australian exploration company, with a market value of A$111 million ($104.37 million), said last week it had won funding from unnamed wealthy Australians for its Oakajee port project, prompting an order from the Australian Securities Exchange for the parties to be named. Padbury had been expected to make the announcement earlier this week but said it now planned to reveal details of the investors and funding agreement by April 23.
