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Yangzijiang lands 13 new orders worth $318m in Q1

China’s privately-owned Yangzijiang Shipbuilding updated that it has landed 13 new shipbuilding contracts worth a total of $318m for the first quarter of 2017.

Lee Hong Liang, Asia Correspondent

April 5, 2017

1 Min Read
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Singapore-listed Yangzijiang said the 13 newbuilding deals would ensure optimal use of yard facilities until 2019, as deliveries are scheduled until 2020.

The 13 shipbuilding contracts comprise of five 82,000 dwt bulk carriers, five 62,000 dwt woodchip carriers, two 1,800 teu container vessels and one 6,500 dwt con-ro vessel.

“While the oversupply in global shipping and shipbuilding industries is still in a rebalancing process, we see signs of recovery in the secondhand vessel market and the bulk carrier market. We remain cautiously optimistic on these developments,” said Ren Yuanlin, executive chairman of Yangzijiang.

“Yangzijiang remains resilient and profitable, backed by a strong financial position,” Ren added.

In 2016, Yangzijiang recorded a profit of RMB1.85bn ($269m), down 25% year-on-year.

Ren said earlier that the group will cut workforce by 10% over 2017 amid the severe industry slump, downsizing its workforce to around 18,000 by end of this year.

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About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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