Yangzijiang Maritime, the listed shipping company helmed by “China’s private shipbuilding king” Ren Yuanlin, has once again joined forces with domestic second- and third-tier shipyards to secure a major order for up to eight oil tankers, following the announcement of contracts for 40 new vessels (24+16) in mid-September.
According to market reports, on September 30, Yangzijiang Maritime signed a contract with Jiangsu Haifeng Shipbuilding for the construction of six firm and two optional 114,000 DWT LR2 oil tankers; neither the delivery schedule nor the vessel price was disclosed. Ren Yuanlin, Executive Chairman and CEO of Yangzijiang Maritime, attended the signing ceremony.
This move marks a further expansion into the tanker market by Yangzijiang Maritime, following its recent series of announcements regarding new shipbuilding projects. On September 18, Yangzijiang Maritime announced the signing of contracts for the construction of 24 new vessels, along with options for an additional 16. All 24 firm vessels have been placed with Chinese shipyards for delivery between 2028 and 2030, covering vessel types such as bulk carriers, product/chemical tankers, and Very Large Crude Carriers (VLCCs).
It remains unclear whether the latest order for six firm plus two optional 114,000 DWT LR2 tankers signed by Jiangsu Haifeng Shipbuilding is included in the 16-vessel order (including options) recently announced by Yangzijiang Maritime.
If these are newly signed orders, it means the total volume of Yangzijiang Maritime’s shipbuilding orderbook (including options) has surpassed the 100-vessel mark. Following the disclosure of the 24+16 vessel project, the company’s total orderbook (including options) had already reached 98 vessels.
Since the beginning of this year, order news involving Yangzijiang Maritime and Jiangsu Haifeng Shipbuilding has been a frequent occurrence.
In January 2026, Yangzijiang Maritime signed an order with Jiangsu Haifeng Shipbuilding for 2+2 LR2 product tankers and 2+6 MR tankers, marking the beginning of their collaboration in new shipbuilding. In August, the two parties signed for an additional 4 MR product tankers and 2 LR2 tankers. Including the recently announced 6+2 vessels, Yangzijiang Maritime has placed orders for over 20 new vessels (including options) with Jiangsu Haifeng Shipbuilding.
Records indicate that Jiangsu Haifeng Shipbuilding was established in 2007 with a registered capital of 88 million yuan, employing over 1,000 people at its peak. Following 2016, the company faced operational difficulties—including a broken capital chain and debt disputes—and suspended production for several years. It subsequently revitalized its production capacity through orders from Yangzijiang Maritime, marking its return to the shipbuilding market; all currently announced new shipbuilding projects originate from Yangzijiang Maritime.
For Yangzijiang Maritime, the newbuilding project recently secured at Jiangsu Haifeng Shipbuilding is a continuation of the company’s strategy of placing newbuilding orders with domestic second- and third-tier shipyards.
Yangzijiang Maritime observes that second- and third-tier Asian shipyards are currently grappling with idle capacity and have virtually no access to global clients; furthermore, the inability of many such yards to issue advance payment guarantees further constrains their capacity to secure international orders. Given these market barriers and financing limitations, Yangzijiang Maritime establishes partnerships with these shipyards through direct procurement and deep engagement, enabling it to secure shipyard capacity at shipbuilding costs 10% to 15% below the market average.
In addition to Jiangsu Haifeng Shipbuilding, Qidong Qianyao Heavy Industry is another domestic second- or third-tier shipyard with which Yangzijiang Maritime has chosen to establish a deep partnership. Qidong Qianyao Heavy Industry is a new shipyard primarily engaged in shipbuilding, vessel conversion, and sales; the new shipbuilding projects it has publicly announced to date also originate from Yangzijiang Maritime.