Yangzijiang Clinches 13 Shipbuilding Orders

SINGAPORE-LISTED and China-based Yangzijiang Shipbuilding added 13 new contracts totaling $318m to its orderbook in the first quarter of 2017.

News ID: 73197

Date: 03 April 2017 - 16:09

According to MANA, The new orders for China’s largest private shipbuilder comprise five 82,000 dwt bulk carriers, five 62,000 dwt woodchip carriers, two 1,800 teu containerships and one 6,500 dwt conro vessel. Scheduled for delivery from 2018 to 2020, the orders are expected to keep the yard busy over the next two years.

While noting that oversupply in global shipping and shipbuilding industries is “still in a rebalancing process”, executive chairman Ren Yuanlin said Yangzijing sees signs of recovery in the second hand vessel market and the bulk carrier market.

Yangzijiang’s 2016 net profit fell 29% year on year to Yuan1.8bn ($261m), amid various impairment losses. Around Yuan676m was attributed to provisions made on the fleet owned by its shipping business.