News blog
Yujin International Ltd
- BY: Andrew Hore |
- POSTED: 20/04/2011 |
Tanker ship owner Yujin International Ltd says that its 2010 revenue will be slightly below expectations and but underlying profit will be much worse than expected.
Lower freight rates and the delay of some tanker income hit the revenue. That has not helped profit but the main reason for the shortfall is a $1.1m unrealised foreign exchange loss due to the weakness of the US dollar against the Singapore dollar.
The four bunker tankers were chartered for another 12 months and the reduction in freight rates was less than 10%.
The MT Arcturus has had its engine replaced and is back on spot charter. The Japanese earthquake is expected to hold back the regional tanker business. This problem is compounded by new vessels coming into service and higher fuel prices.
Two new ships have been delayed by flooding at the shipyard in China where they are being built. They were expected to be completed in the second half of 2011 but it is more likely to be 2012.
At 32.5p a share, down 2.5p, Yujin is valued at £9.75m.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|