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Latest Forum Topics / YZJ Shipbldg SGD    Last:2.53 --  Post Reply
Cruising with the ship ..Yangzijiang
Hawkeye
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05-Oct-2013 11:37     
 
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Yangzijiang had just begun to take in orders with Marginal Profit to make up for its market share. Their earnings will reflect in 2014 and into 2015 will see profit margin dropped mayby slightly better than cosco but the fact is all the Orders secured this year was reduce by min 10% to 15%. Recent run up is due to Management support to ramp up stock price so that the CEO Yu Kebing can sell his share at a better price.

 

Now Cosco orders looks much better than Yangzijiang. This expected, Yangzijiang need orders even at breakeven so that China can keep them as a primary shipyard and not dropped Yangzijiang off like the rest of the Shipyards. Yangzijiang need orders to keep its Shipyard going and workers busy or loose market share. You really believe Yangzijiang is so much better than the rest of the Chinese shipyards. better but not that much. Still in shit.

Yangzijiang apple looks like come from the hills of Bukit Timah the size of grape fruit. Sorry to open the can of worms.

Oldbird      ( Date: 05-Oct-2013 09:54) Posted:

You are like a pro. friend.

I rate company from general business point of view, if a company can pull through in a extremely difficult period with only some reduction in net profit , we got to give it a thumb up ! A lots of companies will probably close shop ,in the red or substantially plunge in net profit...

Company consistanly give good dividend will see it share price being reflected.

cheongsl      ( Date: 05-Oct-2013 08:23) Posted:



But where is the 250mUSD jack up from keppel corp, I search through the sgx annoucement for last one year and  did not come across.

1Oct 2 x B class  jackup rig from clearwater at 440mUSD ==> 220m per jack up

2Aug 1 x B class jackup rig  from parden holding at 206mUSD

15Jul 1 x B class jackup rig  from mexican drilling company at  206mUSD

3Jul 1 x B class jackup rig  from PVDO at 210mUSD

15Apr 1 x B class jackup rig  from FELS at 226mUSD

9 Apr 1 x B class jackup rig  from Ensco at 225mUSD

28 Mar 4 x B class jackup rig  from mexican drilling company at 820mUSD, ==> 205mUSD per jackup rig

27 Feb 1 x B class jackup and 2 x submissible upgrade from start drilling at 300mUSD, thus jackup price unknown.

12 Dec 2 x B class jackup from mexican drilling at 420mUSD ==> 210mUSD per jackup rig

 

 
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Oldbird
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05-Oct-2013 09:54     
 
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 Alert Admin 		You are like a pro. friend.

I rate company from general business point of view, if a company can pull through in a extremely difficult period with only some reduction in net profit , we got to give it a thumb up ! A lots of companies will probably close shop ,in the red or substantially plunge in net profit...

Company consistanly give good dividend will see it share price being reflected.

cheongsl      ( Date: 05-Oct-2013 08:23) Posted:



But where is the 250mUSD jack up from keppel corp, I search through the sgx annoucement for last one year and  did not come across.

1Oct 2 x B class  jackup rig from clearwater at 440mUSD ==> 220m per jack up

2Aug 1 x B class jackup rig  from parden holding at 206mUSD

15Jul 1 x B class jackup rig  from mexican drilling company at  206mUSD

3Jul 1 x B class jackup rig  from PVDO at 210mUSD

15Apr 1 x B class jackup rig  from FELS at 226mUSD

9 Apr 1 x B class jackup rig  from Ensco at 225mUSD

28 Mar 4 x B class jackup rig  from mexican drilling company at 820mUSD, ==> 205mUSD per jackup rig

27 Feb 1 x B class jackup and 2 x submissible upgrade from start drilling at 300mUSD, thus jackup price unknown.

12 Dec 2 x B class jackup from mexican drilling at 420mUSD ==> 210mUSD per jackup rig

 

 

cheongsl      ( Date: 05-Oct-2013 07:46) Posted:



This is again a non apple to apple comparison.

Yangzijiang is a jack up rig E class order, Cosco is a semisubmissible rig order, Keppel corp is B class jack up rig. Requirement are all different, this is just like saying yangzijiang getting an order of apple, Cosco getting a kiwi, and keppel  durian order...yangzijiang is  doing charity for selling apple at a lower price??
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cheongsl
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05-Oct-2013 08:23     
 
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But where is the 250mUSD jack up from keppel corp, I search through the sgx annoucement for last one year and  did not come across.

1Oct 2 x B class  jackup rig from clearwater at 440mUSD ==> 220m per jack up

2Aug 1 x B class jackup rig  from parden holding at 206mUSD

15Jul 1 x B class jackup rig  from mexican drilling company at  206mUSD

3Jul 1 x B class jackup rig  from PVDO at 210mUSD

15Apr 1 x B class jackup rig  from FELS at 226mUSD

9 Apr 1 x B class jackup rig  from Ensco at 225mUSD

28 Mar 4 x B class jackup rig  from mexican drilling company at 820mUSD, ==> 205mUSD per jackup rig

27 Feb 1 x B class jackup and 2 x submissible upgrade from start drilling at 300mUSD, thus jackup price unknown.

12 Dec 2 x B class jackup from mexican drilling at 420mUSD ==> 210mUSD per jackup rig

 

 

cheongsl      ( Date: 05-Oct-2013 07:46) Posted:



This is again a non apple to apple comparison.

Yangzijiang is a jack up rig E class order, Cosco is a semisubmissible rig order, Keppel corp is B class jack up rig. Requirement are all different, this is just like saying yangzijiang getting an order of apple, Cosco getting a kiwi, and keppel  durian order...yangzijiang is  doing charity for selling apple at a lower price???

Hawkeye      ( Date: 04-Oct-2013 16:18) Posted:



If Yangzijiang do this Rigs they are in Deep Charity. 1st one USD170million compare with Cosco USD200million same specs, Keppel Corp USD250million.

Yangzijiang did 1 no in 2012 Dec for USD170million as a startup learning. Take more??

Good Luc
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cheongsl
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05-Oct-2013 07:46     
 
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This is again a non apple to apple comparison.

Yangzijiang is a jack up rig E class order, Cosco is a semisubmissible rig order, Keppel corp is B class jack up rig. Requirement are all different, this is just like saying yangzijiang getting an order of apple, Cosco getting a kiwi, and keppel  durian order...yangzijiang is  doing charity for selling apple at a lower price???

Hawkeye      ( Date: 04-Oct-2013 16:18) Posted:



If Yangzijiang do this Rigs they are in Deep Charity. 1st one USD170million compare with Cosco USD200million same specs, Keppel Corp USD250million.

Yangzijiang did 1 no in 2012 Dec for USD170million as a startup learning. Take more??

Good Luck

ascend88      ( Date: 04-Oct-2013 15:46) Posted:

Northern Offshore Orders Two LeTourneau Super 116E Rigs

Posted on Oct 4th, 2013 with tags , , , , .

Northern Offshore Orders LeTourneau Super 116E Rigs

Northern Offshore, Ltd.   today announced that two of its subsidiaries have executed contracts for the construction of two LeTourneau Super 116E Class jackup drilling rigs, with a priced option for the construction of two additional rigs of the same design.

The yard contract price is less than US$180 million, with favorable tail-end-heavy payment terms. Delivery of the rigs is expected during the first and third quarters of 2016, respectively. Construction will be carried out by an experienced and well qualified Chinese shipyard.

Gary W. Casswell, president and chief executive officer of Northern Offshore said, ?This is a turning point for our company, as we continue to execute our stated corporate strategy of transitioning into the ownership and operation of new, state-of-the-art jackup rigs. We believe, after evaluating several investment alternatives, that investing in this class of jackup will give the best return on capital.

?We are confident there will continue to be strong demand for jackup rigs with the technical specifications and capabilities of these new assets, which are ideally suited for marketplaces in South East Asia, the Middle East, West Africa and Latin America. Further, this order represents the strong commitment of the board of directors to the future development of the company and strengthening of earnings growth for our shareholders.?

 



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cheongsl
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05-Oct-2013 07:31     
 
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 Alert Admin 		You don't understand the different because Hawkeye are comparing price of different thing. One is Apple and one is kiwi, but both are fruits. Cosco orders is oil tanker, but Yangzijiang order is Very Large Ore Carrier. The dwt does not represent anything in this comparison, it is just to confuse people. dwt which is the deadweight tonnage which measure the amount of goods a vessel can carry. Oil tanker requirement is more stringent then the ore carrier, thus the cost definitely will be more as more material will be required to avoid seepage of oil to ocean. More material means more weight, thus weight of ship + dwt = water displace, thus if weight of ship increasae, water displacement the same, dwt will decrease.

frozentouch      ( Date: 04-Oct-2013 22:19) Posted:

From what I recalled from Mr Ren in his AGM this year, the company does not take order with low margins (not sure if he elaborate the margin % as low). So, without the exact cost per vessel, I think there is still trust generally  in his foresight and experience to ensure that YZJ does not suffer losses from these orders.

Hawkeye      ( Date: 04-Oct-2013 16:36) Posted:



Cosco Cheap Orders?? Yangzijiang is Cheaper?? Margin???

Bulk Carrier, Cosco orders 111,000 dwt build for USD45million, Yangzijiang 208,000dwt VLOC build for USD54million.

Yangzijiang must have access to Free Steel to build.

YZJ wins large BC spree



China?s large private-owned builder Yangzijiang Shipbuilding turned out to have penned a contract to construct up to six units of 208,000 dwt very large ore carrier (VLOCs).

The Singapore-listed builder is said to have concluded a newbuilding deal for four firm units plus a pair of options of 208,000 dwt VLOCs with Oldendorff Carriers, valued at around $55m apiece, according to industry sources.

Along with this latest contract, Yangzijiang confirmed another orders for 13 options, recently.

These 13 options include five 10,000 teu containerships, which was announced by Seaspan on September 30, as well as five 82,000 dwt bulkers and three 64,000 dwt bulkers,

The contract value of the four firm VLOCs totals $871m including the 13 options exercised, all slated for delivery from 2015 to 2016.

Meanwhile, Yangzijiang has currently 28 options on order worth $1.36bn (11 boxships worth $850m in total, 17 bulkers worth $510m in total) including the latest options taken effect and the newbuilding contract.


Published : October 4, 2013


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frozentouch
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04-Oct-2013 22:22     
 
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 Alert Admin 		2014 will be difficult, but we will be able to get out of the difficult situation in 2015, as many of our orders will be delivered and our property development will bring profit that year," Ren Yuanlin, Yangzijiang's chairman, told reporters at a press briefing in Singapore.

darkknight      ( Date: 04-Oct-2013 19:55) Posted:



Btw, when  will the property business profit kicks in? 2014 or 2015?

frozentouch      ( Date: 04-Oct-2013 00:38) Posted:



My 2 cents worth is that YZJ will be winning more shipbuilding orders at a lower margin when compared to the period before the financial crisis in 2008. Hence, we should see lower % net profit margin  ahead  but the absolute net profit should increase due to the volume of business. This is assuming that there are no material change to its level of profitability from it's financial and property businesses.
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frozentouch
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04-Oct-2013 22:19     
 
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 Alert Admin 		From what I recalled from Mr Ren in his AGM this year, the company does not take order with low margins (not sure if he elaborate the margin % as low). So, without the exact cost per vessel, I think there is still trust generally  in his foresight and experience to ensure that YZJ does not suffer losses from these orders.

Hawkeye      ( Date: 04-Oct-2013 16:36) Posted:



Cosco Cheap Orders?? Yangzijiang is Cheaper?? Margin???

Bulk Carrier, Cosco orders 111,000 dwt build for USD45million, Yangzijiang 208,000dwt VLOC build for USD54million.

Yangzijiang must have access to Free Steel to build.

YZJ wins large BC spree



China?s large private-owned builder Yangzijiang Shipbuilding turned out to have penned a contract to construct up to six units of 208,000 dwt very large ore carrier (VLOCs).

The Singapore-listed builder is said to have concluded a newbuilding deal for four firm units plus a pair of options of 208,000 dwt VLOCs with Oldendorff Carriers, valued at around $55m apiece, according to industry sources.

Along with this latest contract, Yangzijiang confirmed another orders for 13 options, recently.

These 13 options include five 10,000 teu containerships, which was announced by Seaspan on September 30, as well as five 82,000 dwt bulkers and three 64,000 dwt bulkers,

The contract value of the four firm VLOCs totals $871m including the 13 options exercised, all slated for delivery from 2015 to 2016.

Meanwhile, Yangzijiang has currently 28 options on order worth $1.36bn (11 boxships worth $850m in total, 17 bulkers worth $510m in total) including the latest options taken effect and the newbuilding contract.


Published : October 4, 2013

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darkknight
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04-Oct-2013 19:55     
 
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Btw, when  will the property business profit kicks in? 2014 or 2015?

frozentouch      ( Date: 04-Oct-2013 00:38) Posted:



My 2 cents worth is that YZJ will be winning more shipbuilding orders at a lower margin when compared to the period before the financial crisis in 2008. Hence, we should see lower % net profit margin  ahead  but the absolute net profit should increase due to the volume of business. This is assuming that there are no material change to its level of profitability from it's financial and property businesses.
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Hawkeye
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04-Oct-2013 16:36     
 
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Cosco Cheap Orders?? Yangzijiang is Cheaper?? Margin???

Bulk Carrier, Cosco orders 111,000 dwt build for USD45million, Yangzijiang 208,000dwt VLOC build for USD54million.

Yangzijiang must have access to Free Steel to build.

YZJ wins large BC spree



China?s large private-owned builder Yangzijiang Shipbuilding turned out to have penned a contract to construct up to six units of 208,000 dwt very large ore carrier (VLOCs).

The Singapore-listed builder is said to have concluded a newbuilding deal for four firm units plus a pair of options of 208,000 dwt VLOCs with Oldendorff Carriers, valued at around $55m apiece, according to industry sources.

Along with this latest contract, Yangzijiang confirmed another orders for 13 options, recently.

These 13 options include five 10,000 teu containerships, which was announced by Seaspan on September 30, as well as five 82,000 dwt bulkers and three 64,000 dwt bulkers,

The contract value of the four firm VLOCs totals $871m including the 13 options exercised, all slated for delivery from 2015 to 2016.

Meanwhile, Yangzijiang has currently 28 options on order worth $1.36bn (11 boxships worth $850m in total, 17 bulkers worth $510m in total) including the latest options taken effect and the newbuilding contract.


Published : October 4, 2013
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Hawkeye
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04-Oct-2013 16:18     
 
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If Yangzijiang do this Rigs they are in Deep Charity. 1st one USD170million compare with Cosco USD200million same specs, Keppel Corp USD250million.

Yangzijiang did 1 no in 2012 Dec for USD170million as a startup learning. Take more??

Good Luck

ascend88      ( Date: 04-Oct-2013 15:46) Posted:

Northern Offshore Orders Two LeTourneau Super 116E Rigs

Posted on Oct 4th, 2013 with tags , , , , .

Northern Offshore Orders LeTourneau Super 116E Rigs

Northern Offshore, Ltd.   today announced that two of its subsidiaries have executed contracts for the construction of two LeTourneau Super 116E Class jackup drilling rigs, with a priced option for the construction of two additional rigs of the same design.

The yard contract price is less than US$180 million, with favorable tail-end-heavy payment terms. Delivery of the rigs is expected during the first and third quarters of 2016, respectively. Construction will be carried out by an experienced and well qualified Chinese shipyard.

Gary W. Casswell, president and chief executive officer of Northern Offshore said, ?This is a turning point for our company, as we continue to execute our stated corporate strategy of transitioning into the ownership and operation of new, state-of-the-art jackup rigs. We believe, after evaluating several investment alternatives, that investing in this class of jackup will give the best return on capital.

?We are confident there will continue to be strong demand for jackup rigs with the technical specifications and capabilities of these new assets, which are ideally suited for marketplaces in South East Asia, the Middle East, West Africa and Latin America. Further, this order represents the strong commitment of the board of directors to the future development of the company and strengthening of earnings growth for our shareholders.?

 


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ascend88
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04-Oct-2013 15:47     
 
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 Alert Admin 		i wonder which chinese shipyard....
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ascend88
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04-Oct-2013 15:46     
 
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Northern Offshore Orders Two LeTourneau Super 116E Rigs

Posted on Oct 4th, 2013 with tags , , , , .

Northern Offshore Orders LeTourneau Super 116E Rigs

Northern Offshore, Ltd.   today announced that two of its subsidiaries have executed contracts for the construction of two LeTourneau Super 116E Class jackup drilling rigs, with a priced option for the construction of two additional rigs of the same design.

The yard contract price is less than US$180 million, with favorable tail-end-heavy payment terms. Delivery of the rigs is expected during the first and third quarters of 2016, respectively. Construction will be carried out by an experienced and well qualified Chinese shipyard.

Gary W. Casswell, president and chief executive officer of Northern Offshore said, ?This is a turning point for our company, as we continue to execute our stated corporate strategy of transitioning into the ownership and operation of new, state-of-the-art jackup rigs. We believe, after evaluating several investment alternatives, that investing in this class of jackup will give the best return on capital.

?We are confident there will continue to be strong demand for jackup rigs with the technical specifications and capabilities of these new assets, which are ideally suited for marketplaces in South East Asia, the Middle East, West Africa and Latin America. Further, this order represents the strong commitment of the board of directors to the future development of the company and strengthening of earnings growth for our shareholders.?

 

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ascend88
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04-Oct-2013 15:28     
 
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yeah...YZJ investor all can control our sentiments...and focus on the real fundmentals....

:)

Oldbird      ( Date: 04-Oct-2013 13:52) Posted:

As steady as rock... No sell down by KE recommendation...
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Oldbird
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04-Oct-2013 13:52     
 
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 Alert Admin 		As steady as rock... No sell down by KE recommendation...
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muifan
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04-Oct-2013 10:23     
 
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I will jeep more cosco when in nov..

now use my bullets at other counters first lol 

Hawkeye      ( Date: 04-Oct-2013 09:10) Posted:

Cosco are better then, Cosco now order book stands at USd8billion and Yzj only USD3.5billion

frozentouch      ( Date: 04-Oct-2013 00:38) Posted:



My 2 cents worth is that YZJ will be winning more shipbuilding orders at a lower margin when compared to the period before the financial crisis in 2008. Hence, we should see lower % net profit margin  ahead  but the absolute net profit should increase due to the volume of business. This is assuming that there are no material change to its level of profitability from it's financial and property businesses.
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moneycow
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04-Oct-2013 10:21     
 
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 Alert Admin 		Can't compare that way ..most important is the management and profits . If profitable should be ok already why need to compare . He want to compare might as well compare with keppel or sembCorp.... 

Hawkeye      ( Date: 04-Oct-2013 09:10) Posted:

Cosco are better then, Cosco now order book stands at USd8billion and Yzj only USD3.5billion

frozentouch      ( Date: 04-Oct-2013 00:38) Posted:



My 2 cents worth is that YZJ will be winning more shipbuilding orders at a lower margin when compared to the period before the financial crisis in 2008. Hence, we should see lower % net profit margin  ahead  but the absolute net profit should increase due to the volume of business. This is assuming that there are no material change to its level of profitability from it's financial and property businesses.
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Hawkeye
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04-Oct-2013 09:10     
 
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 Alert Admin 		Cosco are better then, Cosco now order book stands at USd8billion and Yzj only USD3.5billion

frozentouch      ( Date: 04-Oct-2013 00:38) Posted:



My 2 cents worth is that YZJ will be winning more shipbuilding orders at a lower margin when compared to the period before the financial crisis in 2008. Hence, we should see lower % net profit margin  ahead  but the absolute net profit should increase due to the volume of business. This is assuming that there are no material change to its level of profitability from it's financial and property businesses.
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cheongsl
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04-Oct-2013 07:29     
 
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 Alert Admin 		Sorry to say that I believe  they won't be start buying by the time it reach $2. I believe  All the negative report is just to stop some buyer from entering to push the price too high and also allow some weak holder to leave earlier so as to prevent  subsequently when they start to distribute all are selling and they won't be able to get the share to sell at a much profitable pricing.

ascend88      ( Date: 03-Oct-2013 22:20) Posted:

They like to buy when yzj is 2$ ... I like to sell to them at that price :)

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frozentouch
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04-Oct-2013 00:38     
 
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My 2 cents worth is that YZJ will be winning more shipbuilding orders at a lower margin when compared to the period before the financial crisis in 2008. Hence, we should see lower % net profit margin  ahead  but the absolute net profit should increase due to the volume of business. This is assuming that there are no material change to its level of profitability from it's financial and property businesses.
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samson
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04-Oct-2013 00:10     
 
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Yangzijiang Shipbuilding: Wary of a False Dawn Cut to Sell TP $0.98

Cut to contrarian SELL, SOTP-based TP at SGD0.98. We do not see a broad-based recovery for Chinese shipbuilders yet as (1) rise in BDI was led mainly by rate hikes for capesize vessels, (2) container freight rates remain weak, and (3) yard overcapacity issue lingers. We fear that YZJ?s recent rise in share price may meet with downward pressure when shipping market recovery story disappoints.

We do not see shipbuilding prices picking up significantly yet. While there may be some short-term spike in new orders, we still see margin contraction and EPS decline for YZJ?s core shipbuilding business for FY13-15F as higher margin contracts are depleted from orderbook.

We agree YZJ would be the best proxy to ride a shipbuilding recovery cycle, but we disagree that this

YZJSGD SP | Mkt Cap USD3.5b | ADTV USD13.2m


MAYBANK  CCALL SELL TP + $0.98

OCBC  : HOLD TP $1.04

Yangzijiang Shipbuilding: Healthy order

flow for replenishment

● Order book replenishment

● Newbuild prices creeping up

●

Secures more contracts to provide work

down the roadSeeking sustainability

Following the announcement of eight

shipbuilding contracts in early Sep totaling

US$214m, Yangzijiang Shipbuilding (YZJ) has

secured 17 more contracts worth about

US$871m, bringing total orders won YTD to

US$2.096b. The 17 new contracts are

scheduled for deliveries in 2015-2016, and

provide much-anticipated replenishment of

the order book for execution of orders further

down the road ? indeed the company may

have to rely on a higher volume turnover as

it starts executing more of its newer orders

(also lower-margin) to maintain the yard?s

profit level. Meanwhile, the group still has a

total of 28 options outstanding worth about

US$1.36b.

Newbuild prices see slow but steady

With a gradually recovering newbuild market,

we raise our peg from 8x to 9x P/E, while

rolling forward our valuations from blended

FY13/14F earnings to FY14F earnings,

resulting in a slight rise in YZJ?s fair value

estimate to S$1.04 (prev. S$0.99). While the

newbuild price trend of ships by Chinese

yards looks positive, additional monitoring is

needed to determine its sustainability, which

uptrend

FV to S$1.04 still a

HOLD

As Exhibits 2 and 3 illustrate, newbuild prices

for bulk carriers in Chinese yards have been

on a slow but steady uptrend since early this

year. This has been more apparent in the

larger ships, such as the Capesize carriers

(e.g. US$50m in Sep 2013 vs US$45m in Dec

2012). Indeed, according to RS Platou1, spot

earnings for Capesize tonnage rose

substantially over the last month due to

higher Chinese iron ore imports. The strength

in Capesize has also influenced the Panamax

sector positively as charterers started to take

two Panamaxes instead of one Capesize

when the spread in freight rates became

greater than normal. In the longer term, a

gradual recovery in the world economy

should drive the demand for tonnage.

Slight increase

 

 

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