Cosco (F83.SG) +0.6% at $1.64 in light trade, pausing for breather after run-up earlier this week on strong volume to 3-month high of $1.70, says Dow Jones.

Recent interest driven by strong improvement in 2Q10 earnings, improved order flows.

“Cosco has seen a surge in new orders over the past two months, signalling a turnaround in its prospects as it builds up its orderbook,” says Kim Eng Securities, which has Buy call, with $2.10 target.

Most recent contracts involve building 2 bulk carriers worth combined US$70 million ($94.7 million) for unnamed Hong Kong shipowner; due for delivery in November 2011, January 2012.

Orderbook quotes suggest shares unlikely to test $1.70.