YZJ Maritime accelerates ship acquisition, including eight very large crude carriers | Lianhe Zaobao

Yangzijiang Maritime Development has ordered eight very large crude carriers (VLCCs) from Chinese shipyards and announced the sale of four medium-range tankers. Yangzijiang Maritime Development announced the acceleration of its ship acquisition news on Thursday (April 16) after the stock market closed. The group's statement said it will order eight very large crude carriers with a deadweight tonnage (DWT) of 319,000 tons, expected to be delivered over three years starting in 2028. The group stated that the funding for this shipbuilding will be raised through a combination of equity co-investment and debt financing. Each ship will be built according to the latest energy-saving standards, utilizing optimized hull designs for fuel efficiency, electronically controlled main engines, and various energy-saving devices; the new ship energy efficiency design index (EEDI) will meet or exceed the International Maritime Organization (IMO) Phase III requirements. On the other hand, the group also announced the signing of a sales contract for the sale of four medium-range tankers. The completion of the sale is expected to have a positive impact on the group's finances. Further Reading Yangzijiang Shipbuilding establishes a subsidiary to conduct ship delivery and maintenance business in Nantong Yangzijiang Maritime signs a ship leasing agreement with a total contract value of $89.8 million Ren Yuanlin, Executive Chairman and CEO of Yangzijiang Maritime, said: "This transaction reflects our consistent prudent strategy of selling assets at the right time in the market cycle to achieve capital gains while enhancing the overall return of our investment portfolio." Ren Yuanlin pointed out that these transactions are not just a single asset sale, but also demonstrate the strength and replicability of the group's ship monetization strategy. "We are able to unlock value across our entire shipping asset portfolio, increasing the predictability of earnings for the fiscal years 2026 and 2027." Yangzijiang Maritime's stock price closed at SGD 0.675 on Thursday, down 1.46%