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Yujin International Ltd

  • BY: Andrew Hore |
  • POSTED: 29/10/2009 |

Tanker ship owner Yujin International Ltd says that there has been a reduction in demand for the transport of cargo in Asia Pacific.

There is also more competition for work. This means that Yujin’s three coastal tankers have been hit by bigger gaps between cargoes and lower utilisation of capacity. Revenues have decreased in this part of the business. Yujin’s other four tankers are on fixed term charters. All this means that 2009 earnings will be lower than expected.

The shares fell 12.5p to 35p a share, which values Yujin at £10.5m. Yujin joined Aim on 10 February 2009 via an introduction at 33p a share.

Yujin reported a profit of $3.65m on revenues of $18.4m in 2008. In the first half of 2009, profits more than halved to $671,000 on revenues of $7.89m. The three coastal tankers generated $2.64m of those revenues. 

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