On February 25, 2026, Yangzijiang Shipbuilding Group released its “2025 Annual Performance Announcement.” As of December 31, 2025, Yangzijiang Shipbuilding held a total of 245 vessels (8.59 million compensated gross tonnages, CGT)) in its order book, with an order value of approximately US$22.39 billion (equivalent to approximately RMB 153.26 billion at current exchange rates). Delivery schedules extend from 2026 to 2030. In 2025, the company secured 60 new vessels worth approximately US$2.5 billion (equivalent to RMB 17.1 billion at current exchange rates), with 56 vessels delivered throughout the year.
During the reporting period, Yangzijiang Shipbuilding achieved operating revenue of RMB 28.5 billion, representing a year-on-year increase of 7.4%. Net profit reached RMB 8.6 billion, a 30.2% increase year-on-year, marking a significant leap in profitability with net profit hitting a record high. Regarding dividends, the company proposed distributing a cash dividend of SGD 0.20 per share to all shareholders, representing a 66.6% increase per share compared to the same period last year. The dividend payout ratio was raised to 50%, the highest level in the company’s history.
In the shipping business, according to disclosures by Yangzijiang Shipbuilding, operating revenue for fiscal year 2025 reached RMB 1.1 billion, representing an 8.1% year-on-year decline. This weaker performance was primarily attributable to a drop in bulk carrier charter rates and increased operating costs resulting from higher maintenance activities.
Regarding the new shipbuilding base currently under development—the Yangzijiang Hongyuan Shipbuilding Project—Yangzijiang Shipbuilding stated that the project is expected to be completed in 2026, with preliminary shipbuilding activities (such as steel structure fabrication) having commenced in the first quarter of 2026.
In 2026, Yangzijiang Shipbuilding will begin delivering vessels under shipbuilding contracts signed in 2023 and 2024.
Handheld orders: 245 vessels / Value: US$22.39 billion
The announcement disclosed that as of December 31, 2025, Yangzijiang Shipbuilding had accumulated orders totaling 245 vessels valued at US$22.39 billion, with delivery schedules extending through 2030. Clean energy vessels accounted for approximately 71% of the order book, encompassing multiple ship types including container ships, bulk carriers, gas carriers, and tankers, with container ships constituting the majority. The specific order data is as follows:
The order backlog for container ships stands at 130 vessels (5.78 million CGT) valued at $16.06 billion, including: 10 24,000 TEU LNG dual-fuel container ships, 28 17,000 TEU LNG dual-fuel container ships, 6 13,000 TEU LNG dual-fuel container ships, 10 9,000 TEU LNG dual-fuel container ships, 11 13,000 TEU methanol dual-fuel container ships, 12 9,000 TEU methanol dual-fuel container ships, 2 11,800 TEU container ships, 7 8,000 TEU container ships, 2 4,488 TEU container ships, 4 x 4,300 TEU container ships, 4 x 3,100 TEU container ships, 4 x 3,000 TEU container ships, 6 x 2,900 TEU container ships, 5 x 1,800 TEU container ships, 10 x 1,700 TEU container ships, 9 x 1,100 TEU container ships.
The tanker order book stands at 40 vessels (1.06 million CGT) valued at $2.03 billion, including: 4 x 39,000 DWT MR product tankers, 3 x 40,000 DWT MR product tankers, 11 x 50,000 DWT MR product tankers, 4 x 74,000 DWT LR1 product tankers, 17 x 75,000 DWT LR1 product tankers, and one 114,000 DWT LR2 product tanker.
The order backlog for LPG/LEG/VLEC/VLAC carriers stands at 26 vessels (680,000 CGT) valued at US$2.36 billion, including 3 x 25,000 m³ LPG carriers, 12 x 40,000 m³ LPG carriers, 2 x 48,000 m³ LPG carriers, 4 x 88,000 m³ VLACs, and 5 x 100,000 m³ VLECs.
The order book for bulk carriers stands at 49 vessels (1.07 million CGT) valued at $1.94 billion, including: 3 x 32,000 DWT bulk carriers, 3 x 45,000 DWT bulk carriers, 2 x 66,000 DWT bulk carriers, 8×71,000 DWT bulk carriers, 3×80,000 DWT bulk carriers, 19×82,500 DWT bulk carriers, 8×83,000 DWT bulk carriers, and 3×Combination 83,300 DWT bulk carriers.
New orders for 60 vessels worth $2.5 billion
As of December 31, 2025, Yangzijiang Shipbuilding secured new ship orders totaling 60 vessels valued at US$2.5 billion for the year, comprising 44 container ships, 14 bulk carriers, and 2 gas carriers. All vessels are scheduled for delivery by 2030.
Yangzijiang Shipbuilding CEO Ren Letian commented on the 2025 performance: “In 2025, as order momentum rebounded, Yangzijiang Shipbuilding remained focused on timely delivery and high-quality production while closely monitoring market dynamics. Through this robust strategy, the Group secured new orders worth US$2.5 billion for the full year, with approximately 80% signed in the second half of 2025. This order momentum is expected to carry into 2026. The Group will continue to secure new orders based on prudent, market-driven principles, prioritizing the securing of remaining shipbuilding slots for 2029 while gradually reserving order capacity for 2030… Concurrently, the Group will steadily advance the delivery schedule of its robust order backlog, converting accumulated orders into tangible profits.”
For the global new shipbuilding market, although the first half of 2025 saw a temporary downturn in the industry as shipowners delayed order decisions due to tariff policies and macroeconomic uncertainties, market sentiment improved in the latter half of the year, leading to a rebound in order momentum.
The recovery in new ship orders has extended into 2026. Driven by fleet renewal demand, global new ship orders in January 2026 surged 27% year-on-year to reach 5.61 million CGTs. Furthermore, industry demand continues to shift from large container ships toward medium-sized container ships and tanker segments.