JES warns of increased China yard competition

Chinese shipbuilder JES International is forecasting pricing pressure as competition grows between yards. The Singapore-listed shipbuilder reported a second quarter net profit of RMB46.1m up 547% on the same period last year. The company said the macro-economic environment remained challenging but it continued to receive increased enquiries and orders for various types of vessel. So far this JES has contracted 16 new orders bringing its orderbook to a total value of $761m at the end of June. Looking ahead the company said it, “expects competition to intensify in the Chinese shipbuilding industry, which will put pressure on pricing of new projects.