Yangzijiang Maritime, the listed shipping company helmed by Ren Yuanlin—known as China’s “private shipping tycoon”—has placed additional shipbuilding orders with Jiangsu Haifeng Shipbuilding.
According to market reports, Yangzijiang Maritime has placed an order with Jiangsu Haifeng Shipbuilding for four 50,000 DWT MR product tankers and two 115,000 DWT LR2 product tankers. According to shipping brokerage reports, the LR2 product tankers are scheduled for delivery in 2028 and 2029, while the MR product tankers are scheduled to be fully delivered by 2030.
The construction cost per vessel for this batch of new ships has not yet been disclosed. Currently, domestic shipyards are quoting approximately $52 million and $78.5 million for MR and LR2 product tankers, respectively. Given Yangzijiang Maritime’s previous shipbuilding strategy of “securing capacity at domestic second- and third-tier shipyards at costs 10% to 15% below the market average,” the construction cost for this batch of new vessels undertaken by Jiangsu Haifeng Shipbuilding will be lower than the market average.
It is understood that Yangzijiang Maritime and Jiangsu Haifeng Shipbuilding first partnered in January 2026, when the two parties signed a contract for the construction of 2+2 LR2 product tankers and 2+6 MR product tankers. Including this latest order, Yangzijiang Maritime has now placed orders for 14 new vessels with Jiangsu Haifeng Shipbuilding, comprising 8 MR-class product tankers and 6 LR2 product tankers. The first 8 vessels are scheduled for delivery between the end of 2027 and the first quarter of 2029.
Records indicate that Jiangsu Haifeng Shipbuilding was established in 2007 with a registered capital of RMB 88 million. The shipyard had previously suspended operations for several years—having employed over 1,000 workers at its peak—but is now re-entering the shipbuilding market by leveraging new vessel orders from Yangzijiang Maritime.
In addition to Jiangsu Haifeng Shipbuilding, Qidong Qanyao Heavy Industry is also one of the domestic shipyards with which Yangzijiang Maritime has chosen to establish a close partnership. Qidong Qanyao Heavy Industry is a new shipyard primarily engaged in shipbuilding, refitting, and sales. Prior to the disclosure of Yangzijiang Maritime’s new ship orders, there was no information in the market regarding contract signings or ship deliveries by this shipyard.
Regarding the strategy of placing shipbuilding orders with second- and third-tier domestic shipyards, Yangzijiang Maritime notes that these Asian yards currently face issues with idle capacity and have limited access to global clients; furthermore, the inability of many to issue advance payment guarantees further constrains their capacity to secure international orders. By leveraging direct procurement and deep engagement to partner with such shipyards—thereby navigating market entry barriers and financing limitations—Yangzijiang Maritime is able to secure shipyard capacity at costs 10% to 15% below the market average.
It is worth noting that just a few days before the aforementioned order for six Type 2 product tankers was made public, Yangzijiang Shipping had just announced the sale of four new 40,000 DWT bulk carriers being built by Qidong Qanyao Heavy Industry; these new vessels are expected to be delivered between April 2027 and May 2028.
Since its listing in Singapore in November 2025, Yangzijiang Maritime has been rapidly rotating capital between new ship orders and ship resales. As of the end of June 2026, the shipowner had signed contracts to sell 12 newly built vessels within nine months, raising a total of $500 million, including four bulk carriers and eight MR product tankers; some of these vessels have already been delivered to their new owners. This move aligns with Yangzijiang Maritime’s business model of “unlocking value through flexible asset monetization strategies, including vessel resales, charter income, and capital management.”
According to Yangzijiang Maritime’s recently disclosed financial results for the first half of 2026, during the reporting period, the company’s fleet expanded to more than 120 vessels, including over 60 newly built ships, covering a variety of vessel types such as oil tankers, gas carriers, bulk carriers, container ships, and offshore support vessels. Currently, Yangzijiang Maritime’s two maritime funds have a combined size of $2 billion, with over 40% of the funds invested in environmentally friendly vessels, focusing primarily on the bulk carrier and tanker markets.