Last week, Yangzijiang Maritime Development Ltd. (Yangzijiang Maritime) announced orders for 16 new vessels of three different types from three Chinese shipyards (6 firm vessels + 10 options). This is Yangzijiang Maritime’s first new shipbuilding plan announced since its listing on the main board of the Singapore Exchange on November 18, 2025, with deliveries scheduled between 2027 and 2029.
The batch of orders specifically includes: 2+2 40,000 DWT bulk carriers, scheduled for delivery between April 28, 2027, and May 28, 2028; 2+6 49,800 DWT MR product tankers, scheduled for delivery between November 15, 2027, and February 15, 2029; 2+2 114,000 DWT LR2 product tankers, scheduled for delivery between March 30, 2028, and September 26, 2029.
Previously undisclosed shipyard information has now been revealed by shipbroker Bancosta, indicating that the orders involve two Jiangsu shipyards: Jiangsu Haifeng Shipbuilding and Qidong Qianyao Heavy Industry.
Specifically, Qidong Qianyao Heavy Industry is responsible for constructing 40,000 DWT bulk carriers, with each vessel costing $29 million. The total value of the first two confirmed orders amounts to $58 million. The 114,000 DWT LR2 product tankers and 49,800 DWT MR product tankers are both being constructed by Jiangsu Haifeng Shipbuilding, with the total cost for the first four confirmed vessels amounting to $288 million.
With the latest orders, Yangzijiang Maritime’s newbuilding order portfolio has significantly increased to 50 vessels (including options), comprising: 34 confirmed vessels under construction (including 6 newly confirmed orders); 14 option vessels (including 10 newly added option vessels); and 2 delivered vessels.
According to the information available, Qidong Qianyao Heavy Industry was established on March 18, 2024, with a registered capital of 30 million yuan. As an emerging shipbuilding enterprise, it primarily engages in shipbuilding, conversion and sales operations.
Currently, no information regarding contracts and vessel deliveries for Qidong Qianyao Heavy Industry is available. This suggests that Yangzijiang Maritime’s bulk carrier project is likely the first large-scale shipbuilding project undertaken by the shipyard since its establishment, making it of significant importance. Reports indicate that since its founding, Qidong Qianyao Heavy Industry has primarily been responsible for building hull sections.
Jiangsu Haifeng Shipbuilding was established on September 13, 2007, with a registered capital of 88 million yuan. The shipyard had been idle for several years prior, having employed up to 1,000 workers at its peak. Currently holding zero active orders, Jiangsu Haifeng Shipbuilding is re-entering the newbuild market by leveraging Yangzijiang Maritime’s orders for product tankers.