Yangzijiang Shipbuilding has pocketed RMB140m ($22.7m) after it recently disposed of a 50% stake in shipbreaking yard Jiangsu Huayuan Metal Processing (JHMP), as part of an ongoing strategy to downsize its non-core assets.
Newbuilding prices for dry bulk carriers are unlikely to rise much higher from their rock-bottom levels seen a couple of years back due to the extended weak freight market, according to Ren Yuanlin, executive chairman of Yangzijiang Shipbuilding.
Yangzijiang Shipbuilding has posted its highest quarterly profit in the second quarter due mainly to a one-off gain and tax refund.