SINGAPORE (Mar 16): Yangzijiang Shipbuilding has clinched a new shipbuilding contract for up to 10 vessels, amounting to a total of US$1.15 billion ($1.63 billion).

Reportedly one of the largest orders in the group’s history, this contract was inked with investment firm Tiger Group. 

In a regulatory filing on Monday, the group reported that the orders are for ten dual-fuel 14,000TEU containerships, each with a price tag of US$115 million. 

Two of these vessels are firm orders, while the remaining eight are options. 

The group says that these vessels are scheduled to be delivered from mid-2022. 

With the addition of these orders to its order book, Yangzijiang will see its yard facilities utilized at a “healthy rate” and have a stable revenue stream for at least the next two years. 

“These new orders mark an encouraging start for Yangzijiang for 2020. Amid the coronavirus outbreak, which now has been labeled a pandemic, we will prepare for the worst but hope for the best,” says Yangzijiang CEO Ren Letian. 

“We appreciate our customer Tiger Group’s trust and support with such a sizable order with Yangzijiang at a challenging time for both the industry and the world as it tackles the coronavirus outbreak,” adds Ren. 

Shares in Yangzijiang Shipbuilding closed 0.5 cent higher, or 0.63% up, at 80 cents on Monday prior to the announcement.