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Yujin ahead of market expectations for FY

Asia Pacific tanker fleet group Yujin International Ltd said it expected earnings to December 31 will be ahead of market expectations, following actions since the middle of the year which have helped improve performance.

Yujin said its decision to concentrate on its owned tankers, Arcturus (bitumen carrier) and Team Bee (chemical tanker), had helped to contain costs without too much impact on revenue.

The utilisation rates of both tankers in the second half of 2010 have improved significantly.

Yujin's bunker tankers continued to perform steadily. Three of the four tankers were dry-docked this year, affecting revenue, but none would be required for dry-docking in 2011.

Two new ships being built in China will have their completion delayed to the second half of 2011 due to flooding at the shipyard.

Yujin shares rose 3p to 43p.

Story provided by StockMarketWire.com

13/12/2010