Yangzijiang (BS6.SG) +2.2% at $1.42, extending this week’s 4.5% gain, as expectations of more contract wins boosts share price above $1.40 for first time since April, according to Dow Jones.

Sentiment in shipbuilding sector underpinned by slew of new orders secured by peers such as Cosco (F83.SG), JES International (EG0.SG) in past weeks. This week alone, JES unveiled contracts to build 6 dry bulk carriers for clients in China, Panama, Liberia.

“Although dry bulk freight rates have dropped substantially over the last month, transactions in the sale and purchase market have doubled in June on a month-on-month basis,” says OCBC Investment Research, which has Buy call with $1.60 target on YZJ.

Technical outlook favourable with stock holding well above respective longer-term 100-day, 200-day moving averages of $1.26, $1.17, yet to reach overbought conditions. Near-term resistance at 52-week high of $1.57 set in April.