Yangzijiang Shipbuilding has secured additional shipbuilding contracts for eight vessels with an aggregate contract value of $567.6m (US$440m).
In a bourse filing, the company said the contracts include four units of containerships and four units of bulk carriers.
Two units of 11,800 TEU containerships were placed by Seaspan Corporation, one of the group’s long-standing partners.
The contracts are scheduled for deliveries between 2027 and 2029 and are not expected to have any significant impact on the earnings of the group for the financial year ending 31 December 2025.
Yangzijiang Shipbuilding also announced in a separate filing that its three subsidiaries, Jiangsu Yangzijiang Shipbuilding Group Co., Ltd, Jiangsu New Yangzi Shipbuilding Co., Ltd, and Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd., had terminated shipbuilding contracts for four 50,000DWT MR oil tankers valued at around $232.2m (US$180m).
The deal was terminated “following certain critical information just disclosed by the buyer (which had not been previously known to the Subsidiaries), despite earlier extensive due diligence on the Buyer and its shareholder.”
“This critical information contains allegations that the buyer’s sole shareholder was involved in a scheme to circumvent U.S. sanctions laws and regulations,” Yangzijiang Shipbuilding said.
The four oil tankers were scheduled for delivery from 2026 to 2027.
The termination of the contracts is not expected to have a material impact on the net tangible assets and earnings per share of the company and the group for the current financial year ending 31 December 2025.
Source: Singapore Business Review