Yangzijiang’s $1.2bn tanker spree: 98 ships and counting
Singapore-listed Yangzijiang Maritime orders six firm 114,000 dwt LR2 tankers at Jiangsu Haifeng Shipbuilding.
Singapore-based Yangzijiang Maritime Development has significantly expanded its tanker fleet through a series of orders at China’s Jiangsu Haifeng Shipbuilding. The company, led by Ren Yuanlin, has placed orders for six firm 114,000 dwt LR2 tankers, with options for two additional vessels, as part of one of this year’s most aggressive investment drives in the sector.
The six confirmed LR2 tankers are scheduled for delivery between 2029 and 2030, while the optional vessels are planned for 2030 and 2031. These orders were disclosed in stages, beginning in January with two firm LR2s and two options, though the shipyard was not initially named. A larger package followed in April, which included four more 114,000 dwt product and crude tankers, alongside four 49,800 dwt product and chemical tankers and two 40,000 dwt bulk carriers.
Jiangsu Haifeng Shipbuilding has emerged as a key partner in this expansion. In August, the yard secured an additional four 50,000 dwt MR tankers and two LR2s, bringing Yangzijiang Maritime’s total orders at the shipyard to 14 vessels. The combined value of these contracts is estimated at over $320 million.
Yangzijiang Shipbuilding
Broader fleet expansion and investment strategy: lr2 tankers
The company’s growth extends beyond tankers. Last month, Yangzijiang Maritime announced orders for 24 firm vessels and 16 options, including six 64,500 dwt ultramaxes, six 49,800 dwt product and chemical tankers, eight stainless steel chemical tankers, and four 319,000 dwt VLCCs. This brings its total newbuilding portfolio to 98 ships, comprising seven already delivered, 75 firm vessels under construction, and 16 options.
Yangzijiang Maritime treats its newbuildings as maritime investments, with 12 of the firm vessels already resold before delivery. The company’s strategy involves recycling capital through chartering, leasing, and pre-delivery sales, as noted in its April disclosure, which explicitly mentioned the possibility of selling ships before completion if attractive opportunities arise.
The expansion into crude tankers has been another focus. The company entered the VLCC segment in April with orders for eight 319,000 dwt scrubber-fitted vessels, scheduled for delivery between 2028 and 2030, and added four more in September.
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