Yangzijiang Maritime Development has signed a contract to purchase four new tankers with a capacity of 50,000 deadweight tons at the Jiangsu Haifeng shipyard. This contract was recently finalized after several rounds of tanker orders this year and contributes to the expansion of the company's new building program in China.
Contract Details and History of Cooperation
This group, led by Ren Yuanlin, has recently completed this contract, but details regarding the contract price or the delivery schedule of the ships have not been disclosed. Cooperation between Yangzijiang and Haifeng began in January and includes contracts for two firm MR tankers along with six optional MR tankers and two firm LR2 tankers along with two optional LR2 tankers. In August, the company signed another contract for four MR tankers and two LR2 tankers, and at the end of September, it also contracted for six LR2 tankers with a capacity of 114,000 deadweight tons with two additional options.
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Fleet Development and Sales Strategy
The recent contract has been described as a contract for four additional ships, although it is still unclear whether any of these ships represent the conversion of previously agreed options. Yangzijiang is pursuing an aggressive strategy to secure new orders at smaller Chinese shipyards and then monetize these assets through sales, leasing, and financial agreements.
Last week, the company announced agreements to sell six new MR tankers for $308 million, bringing the total contracted sales to 18 ships worth $805 million over ten months. The latest sales include two 49,500 deadweight ton tankers scheduled for delivery in 2026 and 2027, as well as four 49,800 deadweight ton units that will be ready in 2027 and 2028.
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