Yangzijiang Shipbuilding bags $1.05 billion orders in 3rd quarter
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Yangzijiang's total order wins for the first nine months of the current financial year is more than double its full-year target.
PHOTO: YANGZIJIANG SHIPBUILDING
Janice Lim
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SINGAPORE – Yangzijiang Shipbuilding secured US$770 million (S$1.05 billion) in order wins for the third quarter of its 2023 financial year.
This brings the total order wins for the first nine months of the current financial year to US$6.54 billion, more than double its US$3 billion full-year target.
The shipbuilder said in a business update on Thursday that it has hit a record-high order book of US$14.8 billion year to date and delivered 42 vessels out of its target of 57 for the whole year.
With its order book at an all-time high, the company said it has strong earnings visibility up until mid-2027, with 184 vessels set to be delivered from now till 2028.
Clean energy currently accounts for 58 per cent of the total outstanding order book value.
Yangzijiang said it is reconfiguring its vessels to capitalise on a relatively stronger international shipping market. The retrofitting process is expected to be completed by January 2024.
The company also plans to accelerate fleet decarbonisation, particularly among container shipowners, due to their strong financial positions and the onset of the fleet replacement cycle.
This comes amid a wider industry trend of decarbonising the shipping sector.
Yangzijiang shares were up three cents, or 2 per cent, to $1.52 at market close on Friday. THE BUSINESS TIMES
