Nam Cheong swings back to profitability in 1H18 post debt restructuring, resumes trading today

SINGAPORE (Aug 23): Nam Cheong swung back to profitability in 1H18 with earnings of RM0.6 million ($0.2 million) compared to its RM2.1 billion loss in 1H17 after restructuring a substantial amount of trade debts with its creditors, resulting in a waiver of debts amounting to RM557.5 million.

For the 2Q ended June, the Malaysian shipbuilder reported RM0.35 million in earnings, reversing from its 2Q17 loss of RM2 billion a year ago.

Singapore factories grow better than expected in June, outlook cloudy on trade tensions

SINGAPORE (July 26): Singapore’s industrial production grew faster than expected in June, helped by a sharp turnaround of the marine and offshore sector, data showed on Thursday, but analysts say trade tensions cloud the outlook.

Industrial production in June rose 7.4% from a year earlier, easing from the revised 12.9% on-year rise the month before, but better than the 3.9% rise forecast by a Reuters poll, data from the Singapore Economic Development Board showed.

Yangzijiang may be the only O&M stock to deliver stronger q-o-q results this season: CGS-CIMB

SINGAPORE (July 13): CGS-CIMB Securities is maintaining its sector “overweight” on Singapore’s offshore & marine (O&M) industry with expectations of Yangzijiang Shipbuilding to deliver stronger q-o-q earnings on stronger shipbuilding margins.

The counter has been rated “add” with a target price of $1.27, ahead of its 2Q results due Aug 8.

Yangzijiang's share price ready for a rebound after falling 50% YTD, says DBS

SINGAPORE (July 3): DBS is reiterating its “buy” call on Yangzijiang Shipbuilding (YZJ) with an unchanged target price of $1.82, which translates to 1.25 times price-to-book value (P/BV), approximately 0.4 standard deviation points below the historical mean of 2 times since listing.

This comes on the belief that the counter’s share price is set to stage a rebound after falling 50% YTD due to overblown concerns on foreign exchange (forex) and steel costs as well as a global trade war.

Civmec awarded contract for Australian offshore patrol vessel project

SINGAPORE (Apr 16): Civmec has won a contract from Luerssen Australia, a subsidiary of German shipbuilder Lürssen, to supply and process steel for all 12 vessels to be built for Australia’s SEA 1180 Offshore Patrol Vessel (OPV) project.

While the value of the latest contract with Luerssen was not specified, Civmec says its order book now stands in excess of A$800 million ($815.8 million) with the award.   

Phase 1 of the SEA 1180 OPV project will replace and improve upon 13 Armidale Class Patrol Boats with the acquisition of 12 new vessels.

Vard signs LOI to build two environmentally-friendly Viking cruise vessels for $750 mil

SINGAPORE (Apr 4): Vard Holdings has signed a letter of intent (LoI) to design and construct two environmentally-friendly cruise vessels for Viking, a Swiss cruise line which currently operates a fleet of more than 60 vessels, for a potential contract value of NOK 4.5 billion ($750 million).

Both parties mutually intend to enter into a final contract by mid-2018.

The two vessels are to be developed by Vard Design in Norway while the hulls will be built by Vard in Romania.

Their deliveries are scheduled for the second quarters of 2021 and 2022, respectively.

SembMarine wins EPC contract from TechnipFMC

SINGAPORE (Mar 28): Sembcorp Marine's wholly-owned subsidiary, Sembcorp Marine Rigs & Floater, secured an Engineering, Procurement and Construction (EPC) contract from UK-based energy company TechnipFMC.

Under the contract, SembMarine will fabricate and integrate various topside modules as well as install owner-furnished equipment to the hull and living quarters for TechnipFMC’s newbuild Floating Production, Storage and Offloading vessel (FPSO).

Vard contracted to build two vessels for French cruise company

SINGAPORE (Mar 7): Vard Holdings has secured contracts for the design and construction of two luxury expedition cruise vessels for French cruise company Ponant, a subsidiary of Artemis Group.

The value of the contracts were not disclosed.

In a Wednesday release, the shipbuilder says the two new vessels will be identical to the series of four vessels it was contracted to build for Ponant in 2016, which were designed for voyages to tropical destinations and remote ports only accessible to small capacity ships.

Vard awarded contracts worth $114 mil to build new-concept stern trawlers

SINGAPORE (Dec 4): Vard Holdings has won contracts worth NOK 700 million ($113.9 million) for the design and construction of seven stern trawlers for four Icelandic shipowners, namely: Bergur-Huginn, Utgerdarfelag Akureyringa, Gjögur and Skinney-Thinganes.

In a filing on Sunday, Vard says it has partnered the four shipowners to develop a new design, dubbed Vard 8 08, for the seven stern trawlers to provide a “strong focus on safe operations, efficiency in cargo handling, as well as crew’s wellbeing”.

Vard cuts 3Q losses to $1.5 mil on higher revenue & lower restructuring costs

SINGAPORE (Nov 10): Vard Holdings saw 3Q17 losses narrowed to NOK9 million ($1.5 million) from losses of NOK104 million a year ago on higher sales.

The shipbuilder’s bottomline was further boosted by reduced structuring costs and stable depreciation compared to a quarter ago.

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