Cosco Corporation (Singapore) says Cosco (Guangdong) Shipyard Co. has delivered a 57,000 dwt bulk carrier Marine King to its Asian buyer. The bulk carrier measures 189.99 meters in length, 32.26 meters in breadth and 18.00 meters in depth.
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At 10:20 a.m., shares of Cosco were down 2.2% at $2.26 with over 5.1 million shares changing hands.
Phillip Securities has raised its target price for Singapore-listed shipbuilder Cosco Corp (COSC.SI) to $2.68 from $2.32 and maintained its “buy” rating.
According to DBS Vickers, Cosco Corp could benefit from the restructuring of its parent Cosco Group, which may inject two of its shipbuilding assets into the Singapore-listed unit.
Cosco Corp. said it isn’t in talks with Cosco Group about such a move, referring to an article in Singapore’s Business Times today.
At 10:02 a.m., Cosco Corp shares were down 3.3% at $2.34 on a volume of 1.8 million shares.
Cosco Corporation (Singapore) says it has not received any proposal nor is it currently in any discussions with any party regarding a proposed asset injection.
The announcement was made in response to recent research reports which raised the possibility of a restructuring effort by parent company Cosco Group that would see it inject its 19% interest in Cosco Shipyard Group and its 100% stake in Cosco Shipbuilding Industry Company, which owns two shipbuilding yards in Nantong and Dalian, into the company.
Cosco asked for a trading halt this morning to put forward the SGX statement
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UOB-KayHian, which has a Buy rating and $2.50 target, says the restructuring “could result in Cosco Corp acquiring key shipyard assets from Cosco Group, while divesting its dry bulk shipping fleet of 12 vessels to China Cosco. Cosco Corp’s stake in Cosco Shipyard Group would likely be raised to 70% from 51% with the acquisition of a 19% stake from Cosco Group.”
The possibility of the parent injecting its stakes — 19% of Cosco Shipyard Group and all of Cosco Shipbuilding Industry, which owns two shipbuilding yards in Nantong and Dalian — could add 20% to Cosco Corp.’s bottomline, DBS Vickers says in a report Wednesday.
Singapore-listed shipbuilder Cosco Corp (COSC.SI) has requested a trading halt on Thursday, pending the release of an announcement.
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Singapore Exchange (SGXL.SI), Asia’s second-largest listed bourse operator, was one of the leading gainers, rising as much as 2.7% on plans to start all-day trading on March 1 and the potential US$6 billion ($7.7 billion) listing of Hutchison Whampoa’s port trust unit in Singapore.
DBS Vickers raised its target price on Cosco Corp to $3.03 from $2.76 and maintained its “buy” rating. At 9:14 a.m., Cosco Corp shares were up 4.3% at $2.41 on a volume of 18.6 million shares.
Cosco Corporation (Singapore) says subsidiaries Cosco (Zhoushan) Shipyard Co. and Cosco (Guangdong) Shipyard Co. have each delivered a 57,000 dwt bulk carrier, the Almeria and Agria, to their European buyers. The two 57,000 dwt bulk carriers measure 189.99m in length, 32.26m in breadth and 18m in depth.
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The house prefers Cosco (F83.SG) over Yangzijiang (BS6.SG) “as Cosco makes further inroads into the offshore sector while YZJ faces delays.” It says more switching from YZJ into Rongsheng (as it comes out of listing blackout) is possible given the valuation gap between the two.
Cosco Corporation (Singapore) says Cosco (Dalian) Shipyard Co., a subsidiary of the company’s 51% owned Cosco Shipyard Group Co, has delivered a bulk carrier of 57,000 dwt, Christine Star, to its Asian buyer.
The delivery documents were signed by and between Cosco Dalian and the buyer on 5 January 2011.
The bulk carrier measures 190m in length, 32.3m in breadth and 18m in depth.
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The following companies may have unusual price changes in Singapore trading today. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index climbed 0.1% to 3,212.46 yesterday.
Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, slipped 1.1% in New York yesterday. Noble Group (NOBL SP), a Hong Kong-based commodities supplier, rose 0.5% to $2.17. Olam International (OLAM SP), a Singapore-based supplier of agricultural commodities, fell 0.3% to $3.19.
Singapore-listed Cosco Corp (COSC.SI) said on Thursday its 51% owned subsidiary Cosco (Zhoushan) Shipyard has secured contracts valued over US$100 million ($129 million) to build four bulk carriers of 57,000 dead-weight tonnes each. The bulk carriers are scheduled for deliveries from August 2012 to March 2013.
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DBS Vickers lifts its target price for Cosco (F83.SG) to $2.76 from $2.35 after rolling forward its valuation to blended 2011-2012 earnings to align with its Singapore peers.
Keeps its Buy call and upgrades 2011 and 2012 earnings forecasts by 2% and 17% respectively to assume increased orders.
The following companies may have unusual price changes in Singapore trading today. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index lost 0.2% to 3,176.91.
Bulk-shipping companies: The Baltic Dry Index, which measures the cost of shipping commodities, fell 0.3% in London yesterday, extending its six-day drop to 5.1%.
Cosco Corporation (Singapore) has delivered a bulk carrier of 80,000 dwt Shinyo Ayush, measuring 229.04 meters, 32.27 meters in breadth and 20.25 meters in depth, to its European buyer.
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