Offshore shipbuilder Vard Holdings has secured contracts to build two luxury vessels for German cruise company Hapag-Lloyd Cruises. The ships are designed for cruises in polar regions in the Arctic and Antarctica, but are also prepared for operations in warm-water destinations such as the Amazon.
The firm has been diversifying away from the oil and gas sector, which has seen a downturn.
The hulls of the ships will be built by Vard's shipyard in Tulcea, Romania, and delivery will be from Vard Langsten in Norway in 2019.
Lion Asiapac is selling its entire stake in Yangzhou Lion Property Development (YLPD) to Duilong Taida Dingsheng Partnership Enterprise for S$20 million.
YLPD, with a registered capital of US$30 million (S$41 million), had acquired a parcel of land in Yangzhou in 2013 for US$33.7 million, with the goal of developing a mixed-use residential and commercial project.
The downturn in the Chinese property market led the company to rethink its strategy. Lion Asiapac had tried to surrender the land to the government but this was turned down.
"Although there may be signs of stabilising conditions in China's property market, it is anticipated that any recovery may be slow. The board expects that it would be extremely challenging for the company to achieve a break-even (performance) on the project... (which) may even turn out to be loss-making, based on the current market conditions," said the company in a statement.
Sin Heng Heavy Machinery
Sin Heng Heavy Machinery recorded a loss of $1.51 million in the three months ended June 30, a reversal from a profitable quarter the year before.
Revenue halved on the back of poorer business to $22.4 million. Losses per share was 0.67 cent while net asset value stood at 107.06 cents a share as at June 30.
The company warned that things are unlikely to look up any time soon.
"In view of the poor economic sentiments in Singapore and the region, we expect the operating environment to remain difficult and challenging," said the firm in a statement to the Singapore Exchange.
Sin Heng's share price rose 0.5 cent to 29.5 cents yesterday, before its financial results were released.