Yujin International expects poorer earnings

Yujin International, Asia Pacific-based small range tanker operator, has unveiled expectations of lower revenue for 2010 due to lower freight rates and a weaker US dollar. The London-listed firm will announce its final results by mid-June. Yujin is also expecting a delay in the delivery of two vessels under construction at a Chinese yard due to flooding. “The flood has impeded the progress of the construction and the management is discussing with the shipyard on a possible delivery date.


Completion of the ships is now expected in 2012,” Yujin said in a statement. All four of Yujin's term charter contracts for tankers of 4,100-4,600 dwt are renewed for another 12 months. The company has managed to minimise the reductions in charter rates to less than 10%, without elaborating on the amounts. Yujin has two more tankers of 4,700-5,000 dwt trading in the spot market.
(Source:http://www.seatrade-asia.com)