Yangzijiang Shipbuilding’s order book swells to record $21.7 billion

Yangzijiang Shipbuilding’s order book swells to record $21.7 billion

SINGAPORE - Yangzijiang Shipbuilding’s order book now stands at a record value of US$16.1 billion (S$21.7 billion) as at May 24.

The mainboard-listed shipbuilder said in a quarterly business update on May 27 that it now has 193 vessels in its backlog to be delivered by 2028, with a total compensated gross tonnage of 7.45 million.

Container ships made up the largest number (66 vessels with a value of US$9.3 billion) followed by oil tankers (58 vessels, US$2.8 billion), then bulk carriers (47 vessels, US$1.9 billion) and finally gas and ethane carriers (22 vessels, US$2.1 billion).

The total number of vessels is up from the previous record of US$14.5 billion for 182 vessels, at the end of 2023.

The strong order book brings revenue visibility up to 2027, it said.

The group added that it was on track to achieve delivery targets for its 2024 financial year, with 28 vessels delivered out of a target of 63. In comparison, the group delivered 57 vessels in 2023, and 67 in 2022.

It also said that it has already hit 74 per cent of its order win target, year to date (May 24), with 38 vessels having a combined contractual value of US$3.3 billion.

Around 54 per cent of the new order wins were for greener vessels, using engines that can run on alternative fuels such as methanol or liquified natural gas, which it said aligns with the increasing green trend in the maritime industry.

Yangzijiang shares rose three cents or 1.6 per cent to close at $1.93 on May 28, before the update.

The shipyard built the methanol dual-fuel cargo vessel used by Singapore carrier X-Press Feeders, which carried out Asia’s first simultaneous methanol bunkering and cargo operations in Tuas Port on Monday. THE BUSINESS TIMES

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