JES International’s (EG0.SG) latest contracts fail to bolster investor sentiment given current soft market conditions.

Stock flat at $0.33 in light trade but up 4.8% so far this month vs STI +1.2% over same period.

DBS Vickers, which has Buy call with $0.46 target, estimates latest orders for 6 bulk carriers worth US$230 million ($300 million), bringing total year-to-date orders to US$880 million vs house’s entire FY10 US$500 million forecast; “the group has managed to fill up its orderbook faster than we thought.”