Following its acquisition of a batch of bulk carrier orders from Amoysailing Maritime, Watts Energy & Engineering (WE) has secured another major contract in its foray into the shipbuilding industry.
According to market reports, Yangzijiang Maritime—a listed shipping company helmed by Ren Yuanlin, known as “China’s private shipping tycoon”—has signed a contract with WE for the construction of four 82,000 DWT Kamsarmax bulk carriers, with an option for two additional vessels. Details regarding the cost and delivery schedule have not yet been disclosed. This order represents a continuation of Yangzijiang Maritime’s strategy of placing shipbuilding orders with domestic second- and third-tier shipyards.
For WE, this order from Yangzijiang Maritime facilitates the shipbuilder’s deeper expansion into the market for conventional merchant vessel construction. Previously, Amoysailing Maritime had already placed an order with WE for four 82,000 DWT bulk carriers scheduled for delivery in 2028; this marked WE’s first contract for bulk carrier construction and served as a landmark order signaling the company’s entry into the conventional merchant shipping sector.
Established in 2008 with investment from Shanghai Huazi Benteng Holding Group, WE is headquartered in the Shipbuilding Industrial Park of Qidong City, Jiangsu Province. Since its inception, the company has dedicated itself to providing marine energy equipment, offshore engineering structural components, and ship repair and conversion services, with an annual capacity to service over one hundred vessels.
Regarding its new shipbuilding business, WE previously launched full-vessel construction operations by securing an order for a series of 35-meter Crew Transfer Vessels (CTV); the first vessel, “Huazi Fengxing 01”, was delivered in May 2025.
In terms of shipowners, this order for 4+2 82,000-dwt bulk carriers is the first time that Yangzijiang Maritime has chosen WE to place an order for shipbuilding. It is also Yangzijiang Maritime’s recent increase in the new shipbuilding market.
Including the new shipbuilding project for WE, Yangzijiang Maritime has publicly announced orders for over 50 vessels (including options) since mid-September, spanning ship types such as bulk carriers, product/chemical tankers, LR2 tankers, and Very Large Crude Carriers (VLCCs).
On September 18, Yangzijiang Maritime announced a batch of shipbuilding contracts comprising 24 firm orders and 16 options. All 24 firm orders were secured by Chinese shipyards, with delivery scheduled between 2028 and 2030; the vessels include six 64,500 DWT bulk carriers, six 49,800 DWT product/chemical tankers, four 28,000 DWT stainless steel chemical tankers, four 29,000 DWT stainless steel chemical tankers, and four 319,000 DWT VLCCs.
On September 30, Yangzijiang Maritime signed a contract with Jiangsu Haifeng Shipbuilding for the construction of 114,000 DWT LR2 tankers (comprising a firm order for six vessels plus options for two more); since the beginning of this year, Yangzijiang Maritime has placed orders for over 20 new vessels (including options) with the shipbuilder.
Yangzijiang Maritime was spun off from Yangzijiang Financial Holding Ltd.—another listed company under the Yangzijiang Shipbuilding Group—and was listed in November 2025; Ren Yuanlin serves as its Executive Chairman and CEO.
Yangzijiang Maritime positions itself as a strategic hub connecting shipyards, shipowners, charterers, and capital markets, serving as a provider of one-stop maritime financial solutions. Its core operations span three main segments: maritime business, cash management, and other non-maritime investments. The business model is built on two pillars: identifying high-potential maritime investment projects—including the acquisition of maritime assets at favorable prices—and unlocking value through flexible asset monetization strategies, such as vessel resale, chartering income, and capital management.