YUJ Yujin Int (DI)

TIDMYUJ

RNS Number : 2801F

Yujin International Ltd

20 April 2011

20 April 2011

Yujin International Ltd ("Yujin" or "the Group")

Trading Update

Yujin International Ltd, the owner and charterer of a fleet of tankers operating in the Asia Pacific region today announces an update on trading.

Regional Tankers

Further to the announcement of 15 February 2011, the Group reports the engine repair of MT Arcturus ("Arcturus") has been completed and the vessel is now on spot charter.

MT Arcturus, which reported engine failure, had her engine replaced with a brand new one in a Singapore shipyard. The vessel was fixed in the spot market after successfully completing a sea trial last weekend.

The impact of the devastating earthquake and tsunami that rocked Japan, and the deepening nuclear crisis, is expected to have a negative impact on the shipping industry. The chemical trading pattern has changed to smaller cargoes, lowering average income per day.

In addition, bunker fuel costs have surged this year in tandem with multi-year high oil prices. This is coupled with an increase in new vessels into the global market which worsens a lingering oversupply problem. The oversupply problem stems from the industry's buying spree before the economic downturn two years ago, with those vessels only now coming to the market.

Bunker Tankers

The term charter contracts for all four vessels were renewed for another 12 months with the current charter parties. Yujin management was able to minimise the reductions in charter rates to less than 10%.

New Ship Buildings

As previously announced, the delivery of the two vessels under construction in China will be delayed due to flooding at the shipyard. The flood has impeded the progress of the construction and Management are discussing with the shipyard a possible delivery date. Completion of the ships is now expected in 2012.

Yujin currently expects to announce its final results to the year ended 31 December 2010 by mid June. It expects that its revenue for the year to be slightly below market expectation due principally to lower freight rates as well as freight income for the last voyage of regional tankers which will now fall into this current financial year. Underlying PBT is expected to be materially below market expectation partly as the result of the decline in revenue but principally due to the impact of an unrealised foreign exchange loss of approximately US$1.1m due to the weakening US dollar against the Singapore dollar. As Yujin Group has subsidiaries in both functional currencies of US and Singapore dollars, it may be exposed to a fluctuation of currency risk from time to time.

For further information please contact:

Yujin International Ltd. Tel: 00 (65) 6226 2963

Pris Peh

Keen Whye LEE

Or visit www.yujininternational.com

Seymour Pierce Limited Tel: 020 7107 8000

Nicola Marrin

Catherine Leftley

This information is provided by RNS

The company news service from the London Stock Exchange

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