Full yards: Yangzijiang’s $4.5b current orderbook to cover 1.8 years of shipbuilding revenue in FY15

As it benefits from a strong USD and stronger global growth, thanks to cheap oil.

According to a report by OSK-DMG, Yangzijiang’s 2014’s USD1.8bn close was within the company’s USD1.5bn-2.0bn target range, though falling short of analysts’ USD2.2bn forecast.

The current orderbook, net of 4Q14 recognitions, to be c.USD4.5bn, would cover 1.81 years of FY15F shipbuilding revenue. With a total USD4.7bn of orders in the last two years, Yangzijiang’s yards are relatively full and analysts moderate their order win expectations to USD2.0bn going forward.

With sales revenues in USD and costs in CNY, the strengthening USD should benefit Yangzijiang. The lower oil prices are a strong positive for global economic growth, which should increase trade flows and demand for shipping services. As a global leader in shipbuilding, Yangzijiang stands to benefit from this macro trend.

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