YUJ Yujin Int (DI)

TIDMYUJ

RNS Number : 0173H

Yujin International Ltd

05 July 2012

5 July 2012

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

Ship Building Update

Yujin International Ltd, the owner and charterer of a fleet of tankers operating in the Asia Pacific region reports a further update on its new ship building programme.

As previously announced Yujin had contracted to build two new chemical tankers of 5,500 DWT each with a shipyard in China. The newbuilds were delayed and as announced on 13 April 2012 and 1 June 2012 the yard was unable to make delivery of the first ship by the 31 March 2012 deadline.

The second ship was scheduled for delivery by 30 June 2012. However delivery of this ship has also been delayed by the yard.

The Board of Yujin has been considering the options available to it and is continuing to take legal advice as to its options at this juncture. Yujin has started completing the necessary formalities associated with the contract including notifying the yard that Yujin has cancelled the contract and requesting a refund of all monies paid including interest. Yujin has also made a demand on the refund guarantee.

A further announcement will be made in due course.

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 

Catherine Leftley

This information is provided by RNS

The company news service from the London Stock Exchange

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