Yangzijiang Shipbuilding Holdings announced on Feb 8, that it has secured agreements for the building and delivery of 29 vessels worth a total of US$1.3 billion ($1.73 billion).

Of the 29 vessels, 22 of them are containerships valued at a total of US$1.13 billion. They are expected to be delivered progressively from 3Q2022.

The orders of ten 4,600 TEU containerships were placed by Shanghai Zhonggu Logistics, a first-time customer of the group. Shanghai Zhonggu Logistics is the biggest domestic shipping liner in China.

The remaining orders are four 24,000TEU containerships, the world’s largest containership and eight 1,800TEU containerships.

SEE:Encouraging outlook for Yangzijiang Shipbuilding ocean freight spot rates continue uptrend

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The orders for the two 31,800DWT great lake bulk carriers were placed by a returning customer of Yangzijiang. The two firm orders are accompanied by two option orders for identical vessels.

In addition, Yangzijiang’s joint venture arm, Yangzi-Mitsui Shipbuilding Co, has secured orders for four 66,000DWT bulk carriers and one 82,300DWT bulk carrier.

“I am heartened by the sizable orders placed by combination of new and repeat customers, as we begin to see a recovery in market sentiments and demand. I would like to thank Shanghai Zhonggu and the rest of our customers for their endorsement of Yangzijiang, and we endeavour to deliver these vessels with superior quality,” says Yangzijiang’s executive chairman and CEO Ren Letian.

“Over the years, Yangzijiang’s good reputation and a strong foothold in the Chinese shipbuilding market has brought us multiple new and repeat customer orders… These new orders mark a strong start for Yangzijiang at the beginning of the new year and we hope that the strong order momentum continues throughout the year. Our current order book is expected to keep our yard facilities busy and at healthy utilisation rates with revenue visibility for at least two years,” he adds.

Shares in Yangzijiang closed 0.5 cent higher or 0.5% up at 97.5 cents on Feb 8.