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No reprieve in sight for this shipbuilder

PC Lee
PC Lee6/8/2017 12:2 PM GMT+08  • 2 min read
No reprieve in sight for this shipbuilder
SINGAPORE (June 8): CLSA is maintaining its “sell” on Yangzijiang with 90 cents target saying the recent collapse in BDI will undermine recovery prospects.
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SINGAPORE (June 8): CLSA is maintaining its “sell” on Yangzijiang with 90 cents target saying the recent collapse in BDI will undermine recovery prospects.

Yangzijiang’s share price was largely driven by a stronger-than-expected Baltic Dry Index (BDI) rally in 1Q17 but the BDI has corrected sharply over the past two months, dropping 38% from the recent peak.

And although charters for containerships are relatively more stable, prospects for contract wins seem unlikely as shipping companies hold back capex.

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