China Shipbuilder Hit by Forex Losses on Contracts
Wednesday, August 07, 2013

Yangzijiang Shipbuilding Holdings Ltd. China’s second-biggest private shipyard, posted a 7.6 percent decline in second-quarter profit because of higher tax and foreign exchange loss on contracts done in euros, reports Bloomberg.

Citing a company statement to the Singapore Stock Exchange, Bloomberg say that Net income in the three months ended June dropped to 812 million yuan ($133 million) from 878 million yuan a year ago, while sales rose 12 percent to 4.42 billion yuan.

Yangzijiang is among companies diversifying into offshore drilling and production as demand for new bulk vessels decline. The government has urged financial support, capacity control and a move into high-end products as part of a three-year plan to help the troubled shipbuilding industry after China Rongsheng Heavy Industries Group Holdings Ltd. (1101) , the country’s biggest private yard, sought financial assistance.

Source: Bloomberg

Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Baltic Index Slips as Demand Falls

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Monday as demand dropped across all vessel categories.

Becker Marine, Kotug Sign MOU for LNG Hybrid Barge

Press release - Becker Marine Systems and KOTUG signed a Memorandum of Understanding to launch a LNG Hybrid Barge in the Port of Rotterdam with effect from June 2017.

SSL Expands into Finland for Höegh Autoliners

Höegh Autoliners has appointed Scandinavian Shipping & Logistics (SSL) as its agent in Finland from December 1, 2015. SSL, which has worked with Höegh Autoliners


Michelle Obama to Christen Navy's Newest Submarine

U.S. First Lady Michelle Obama will join builder General Dynamics Electric Boat, a wholly owned subsidiary of General Dynamics, in christening Illinois (SSN-786), the U.

Incat Ferry Order from Denmark

Incat Tasmania Pty Ltd, Australian shipbuilder, has secured a contract for the construction, delivery and long term charter of a large fast vehicle ferry for Danish company Mols-Linien A/S.

Korean Shipbuilders in Red

South Korean shipbuilders are struggling with huge losses stemming from the delivery of low-priced ships and a delay in the construction of offshore facilities such as drill ships.


Rolls-Royce to Cut More Staff of Marine Unit

Britain's Rolls-Royce said it would cut an additional 400 staff from its marine business by the end of next year, its latest move to make the unit more efficient

Wärtsilä Debuts Package for hydropower & industrial plant

Wärtsilä Corporation, a global leader in complete lifecycle power solutions for the marine and energy markets, expands into a new market segment, offering a comprehensive package of seals,

Smith Taken on Rolls-Royce Holdings Board

Rolls-Royce Holdings plc today announces the appointment of Sir Kevin Smith CBE as a Non-Executive Director.  Sir Kevin will join the Board with effect from


Historic Pacific Trade Deal Faces Skeptics in US Congress

Twelve Pacific Rim countries on Monday reached the most ambitious trade pact in a generation, aiming to liberalize commerce in 40 percent of the world's economy in a deal that faces skepticism from U.

Supramx Ship Delivered to Seanergy

Dry Bulk shipping company Seanergy Maritime Holdings Corp. announced today the delivery of a 56,819 dwt Supramax dry bulk vessel, renamed M/V Gladiatorship.   The vessel,

Danelec Marine Expands in Brazil

Press release - Danelec Marine has announced that it is expanding its presence in Brazil by naming Telnav Telecomuniçacões Navais a Certified Service Center. With

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Ship Electronics 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: 0.1820 sec (5 req/sec)