China's Yangzijiang to issue TDRs today

During the first half this year, the firm posted revenue of 5.75 billion yuan and net profit of 1.387 yuan, a year-over-year growth of 25 percent and 27 percent, respectively. Earnings per share were 0.38 yuan.

Yangzijiang last year built ships with total capacity of 1.934 million tons and has delivered 22 vessels during the first half. The firm is expected to deliver 48 ships this year. By mid-July, Yangzijiang has orders for 121 vessels worth US$5.073 billion.

Yangzijiang will issue 240 million units of TDRs at an initial public offering price of NT$18.8 per unit, translating into total issuance of NT$4.5 billion.

The shipbuilder's chairman Ren Yuanlin said yesterday Taiwan has a huge shipping market, bolstered by such prestigious shipping operators as Evergreen Marine Corp. and Yang Ming Marine Transport Corp.

“I hope that shipping operators from both sides of the strait will work together to achieve a win-win situation, after the signing of the economic cooperation framework agreement,” he said, referring to the historic trade pact signed between China and Taiwan in June.

As for concerns there may be an oversupply of new ships in the market, Ren dismissed such concerns, saying Yangzijiang has orders for deliveries over the next two years.

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