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Yangzijiang record ship deliveries boost H1 revenues

Photo: Yangzijiang Shipbuilding yangzijiang_from_the_air.jpg
Yangzijiang Shipbuilding posted RMB8.5bn ($1.26bn) revenue for shipbuilding, up 78% year-on-year, on the back of record vessel deliveries in the first half of 2022.

In the first half, Yangzijiang Shipbuilding delivered 35 vessels, compared to 23 vessels delivered in the same period of 2021. 

The group also recorded RMB1.2bn ($178m) profit, up 32% year-on-year. 

Revenue from the shipping segment increased 37% to RMB561m ($83.7m), buoyed by an expanding charter fleet and higher charter rates. “The shipping industry is expected to remain resilient amidst ongoing port congestions and limited infrastructure conditions. Given Europe’s coal restocking demand, China’s surging coal demand to support its economic recovery, we remain positive on the near-term outlook for shipping,” commented Yangzijiang.  

“From an operational perspective, this set of results was particularly meaningful to all of us at Yangzijiang Shipbuilding. We delivered a record number of vessels in H1 2022, despite an extremely challenging environment due to covid-related supply chain disruptions. With our yards at full capacity, our new work-flow systems showed a clear improvement in productivity and efficiency,” said Ren Letian, ceo of Yangzijiang Shipbuilding. 

As of early August, the group has secured new order-wins of $1.09bn for 18 vessels year-to-date, bringing the total orderbook to $8.13bn for 134 vessels.