Yangzijiang Maritime Development, a Singapore-listed company, has signed a new contract for the construction of bulk carriers in China. This contract includes four vessels with a capacity of 82,000 tons and an option for two more, which will be built at the Jiangsu Watts Energy & Engineering yard.
Details of the New Contract
This contract marks the first recorded order for Yangzijiang Maritime at the Watts yard. The Jiangsu Watts yard, which has recently entered the commercial shipbuilding sector, had signed its first contract last August for the construction of four bulk carriers with Amoysailing Maritime based in Xiamen. This contract is estimated to be worth approximately $35 to $38 million for each vessel based on standard specifications.
Expansion of Yangzijiang Maritime's Activities
This new contract indicates the expansion of Yangzijiang Maritime's aggressive planning in various shipping sectors. In September, the company officially announced 24 new shipbuilding contracts and 16 options across five different types of vessels. This includes six super bulk carriers with a capacity of 64,500 tons, six MR and chemical tankers, eight stainless steel chemical tankers, and four VLCCs. With this plan, the total number of vessels under construction by the company has increased to 98, which includes 75 vessels under construction, 16 options, and seven delivered vessels.
The new bulk carrier contract represents a shift towards larger dry cargo loads and is considered a separate step from the previously announced super program. Yangzijiang Maritime is increasingly turning to smaller Chinese yards to source new vessels at competitive prices and is combining its shipbuilding investments with leasing, chartering, and selling pre-delivered ships.
The company is also expanding its activities in the tanker sector and has announced plans at Jiangsu Haifeng Shipbuilding for six vessels with a capacity of 114,000 tons LR2 and two additional options.
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