Yangzijiang Maritime Makes Its Debut in the Kamsarmax Bulk Carrier Segment
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Yangzijiang Maritime Development (YZJ Maritime), the Singapore-listed maritime investment firm led by Ren Yuanlin, entered the kamsarmax bulk carrier segment for the first time by ordering up to six newbuild vessels at Chinese shipyard Jiangsu Watts Energy & Engineering, expanding its newbuilding portfolio.
Order Details
According to sources in the Chinese shipbuilding industry cited by Splash 247, the deal covers four firm vessels of 82,000 deadweight tonnes, with an option for two more. A report by Chinese publication iMarine, picked up by Xinde Marine News, described the deal in the same terms—four firm units plus two optional—though prices and delivery dates were not disclosed, and the deal was not confirmed in any public announcement by the company.
Shipyard's First Contract with the Shipowner
This would be the first reported order from Yangzijiang Maritime at Watts, a Qidong-based shipyard that only recently entered conventional merchant shipbuilding. In August, the shipyard had already signed its first kamsarmax contract with Xiamen-based operator Amoysailing Maritime for four 82,000-dwt vessels with deliveries scheduled for 2028, valued at between $35 million and $38 million per unit for standard specifications; no pricing was disclosed for the new series linked to Yangzijiang Maritime.
An Expanding Portfolio
The kamsarmax order adds to a newbuilding program that as of September already totaled 24 firm contracts and 16 options across five vessel types, including six 64,500-dwt ultramaxes, six MR product and chemical tankers, eight stainless steel chemical tankers, and four VLCCs. With these additions, the company's disclosed portfolio reached 98 vessels, comprising 75 firm units under construction, 16 options, and seven already delivered, financed through a combination of equity and debt co-investment.
Resales to Recycle Capital
Yangzijiang Maritime combines its shipbuilding investments with resales and charters to free up capital. The company reported signing sale agreements for 12 newbuildings in the previous nine months, for an aggregate gross value of about $500 million, and that in August it sold four bulk carriers of around 40,000 dwt with deliveries scheduled between April 2027 and May 2028.
A Market with Growing Supply
The new order comes amid growth in the sector's order book. According to an October 5 report by broker Xclusiv, the global bulk carrier order book equals about 15% of the existing fleet by deadweight tonnage, up from around 8% at the end of 2023, with the Panamax/Kamsarmax segment at 13.1%.
