Yangzijiang Shipbuilding bags US$770 million of order wins in Q3 2023
Janice Lim
YANGZIJIANG Shipbuilding secured US$770 million of 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 FY to US$6.54 billion, more than double its US$3 billion target for the whole FY.
The shipbuilder said in a business update on Thursday (Nov 2) 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.
It is reconfiguring its vessels to capitalise on a relatively stronger international shipping market. The retrofitting process is expected to complete by January next year.
The company also plans to accelerate fleet decarbonisation, particularly among container shipowners, due to their strong financial positions and the onset of fleet replacement cycle. This comes amid a wider industry trend of decarbonising the shipping sector.
Yangzijiang shares rose 3.5 per cent or S$0.05 to close at S$1.49 on Thursday, before the announcement.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
