Asia/Pacific News
Singapore Tanker Owner Yujin Shows Loss on Bunker Market Exit
Yujin International Ltd (Yujin) Tuesday reported a US$0.9 million loss for the first half of 2014 trading.
The Singapore short-range tanker player divested itself of its bunker tanker fleet over the last year and reported no revenue or profit from the business this half.
Shipping revenue was reported to be down 55 percent from US$7.2 million to US$3.2 million year-on-year.
"The decline in year-on-year revenue reflects the Company's exit from the bunker market and continued weak charter rates," the company noted.
Reporting that its ship management business had also seen a tough half year, the company said the number of ships under management had fallen from 13 to 10 year-on-year.
Yujin said it is on the lookout for opportunities in related and unrelated industries, and that it needs to secure additional funding to grow the current business.
"The Company is still in discussions with the potential strategic partner who had asked for the opportunity of a possible investment with the Company that would maintain our listing on AIM."
Last year, Yujin considered but decided against delisting from London Stock Exchange's AIM.
