Yangzijiang Maritime Development has confirmed a newbuilding programme covering 24 firm orders and options for a further 16 vessels, expanding its exposure across dry bulk, product and chemical tankers, and crude carriers.
The Singapore-listed maritime investment group said the firm orders comprise six 64,500 dwt bulk carriers, six 49,800 dwt product and chemical tankers, four 28,000 dwt stainless steel chemical tankers, four 29,000 dwt stainless steel chemical tankers and four 319,000 dwt VLCCs.
All vessels are scheduled for delivery between 2028 and 2030 and will be built at several Chinese shipyards that were not identified in the company’s disclosure. Yangzijiang Maritime did not disclose contract prices or provide a ship-type breakdown for the 16 options.
Operational context
The company said it intends to finance the programme through a combination of equity co-investment and debt financing.
The announcement formalises a number of orders that had emerged in the market in recent weeks. The six 64,500 dwt bulkers correspond with previously reported ultramax contracting, while the confirmed 49,800 dwt tanker order includes ships previously linked with Chinese yards.
The four 28,000 dwt stainless steel chemical tankers had also been identified earlier as part of a programme involving Taihua Ship Management and Zhoushan Ningxing Shipbuilding. Earlier market indications had placed the value of those vessels at about $46m each, although Yangzijiang Maritime has not confirmed prices for the latest package.
The additional VLCC orders further increase the group’s commitment to the crude tanker segment. Yangzijiang Maritime had formally announced eight 319,000 dwt VLCC newbuildings in April, fitted with scrubbers and scheduled for delivery from 2028 to 2030. The latest four orders bring its disclosed VLCC newbuilding programme to 12 ships.
The ordering activity has materially increased the company’s newbuilding portfolio since its Singapore Exchange listing last November. In January, the group said its portfolio could rise to 50 ships if all options outstanding at that time were exercised.
Following the latest orders, Yangzijiang Maritime said it has 98 newbuildings, including options. This total comprises seven vessels already delivered, 75 firm vessels under construction and 16 optional ships. Of the firm newbuildings, 12 have already been resold, including one vessel that has been delivered to its buyer.