Yangzijiang Maritime Development continues to expand its operations by selling 6 new oil tankers worth $308 million. This brings the total sales value of the company over the past 10 months to $805 million and reflects the group's overarching strategy of ordering from shipbuilding factories in Asia and selling ships before their completion.
Details of the Oil Tanker Sales
This investment, led by Ren Yuanlin, includes two product tankers with a capacity of 49,500 tons and four other tankers with a capacity of 49,800 tons. The completion of these tankers is scheduled between 2026 and 2028. Yangzijiang Maritime has also not provided specific information regarding the buyers' names and individual ship prices due to confidentiality.
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Expansion of Shipbuilding Activities
These new agreements add to a total of 18 ships for Yangzijiang Maritime, with a sales value of $805 million in new ship sales. Following its listing in Singapore last November, the company is rapidly expanding its shipbuilding commitments and has invested in various sectors including bulk carriers, product tankers, chemical tankers, and VLCCs. In September, the company announced the confirmation of 24 new ship orders and 16 additional options, bringing its total new ship portfolio to 98 vessels, including completed ships.
While there are 75 ships under construction, 12 of these have been sold. The group is also continuing to increase its investment in product tankers. In August, the company was linked to a six-ship package at the Jiangsu Haifeng shipyard, which includes four MR tankers and two larger LR2 units. Market estimates suggest that this investment was over $320 million.
Yangzijiang Maritime stated that these new sales should positively impact its financial performance, although the timing of revenue recognition depends on the completion of transactions and the agreed delivery schedules of the ships.
