YUJ Yujin Int (DI)

TIDMYUJ

RNS Number : 3316H

Yujin International Ltd

18 June 2013

18 June 2013

Yujin International Ltd

("Yujin" or "the Company" 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 arbitration proceedings regarding the cancellation of the new ship building contracts. The contracts relate to two chemical tankers which were to be constructed with a shipyard in China.

As previously announced, the Board of Yujin had started the necessary formalities associated with the contract and notified the yard that Yujin had cancelled the contract and requested a refund of all monies paid including interest. Yujin has also made a demand on the refund guarantee.

Further to the most recent update given in the interims to 30 June 2012, Yujin is pleased to announce that it has signed a final settlement agreement with the shipyard in which it was agreed that all advance payments made by Yujin to the yard shall to be refunded to Yujin, including interest. The yard shall be discharged from all claims arising from the ship building contract upon their full payment. Funds have been received totalling approximately US$ 6 million.

For further information please contact:

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

Keen Whye LEE

Or visit www.yujininternational.com

   Cantor Fitzgerald Europe                                        Tel: 020 7894 7000 

Rick Thompson/Catherine Leftley

This information is provided by RNS

The company news service from the London Stock Exchange

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