AS ECONOMIC activity shrinks, shipyards are having to close and small shipbuilders are going bust. But Singapore-listed Yangzijiang Shipbuilding (Holdings) has actually announced several new orders. Read more at The Business Times.
Yangzijiang's production base, located in the Jiangyin-Jingjiang industry zone close to Shanghai, was shut down from February to early March as China battled the coronavirus.
To make up for lost time, the yards and relevant units ran extended work shifts and increased manpower. That could explain why there has been no impact on Yangzijiang's vessel delivery timeline. "Shipyards have come back online with economic activities having resumed since April. While shipowners remain cautious with the ongoing Covid-19 situation, some recent market developments suggest some fundamental improvement," Mr Ren said, citing a rebound in the Baltic Dry Index , supported by commodity transportation demand, as well as increased charter rates for certain containership types on some routes.
This large boxship order for 10 vessels is worth US$1.15 billion in total, and will keep Yangzijiang's yard busy for at least the next two years. It also represents one of the largest orders in the company's history. "With the same production capacity, Yangzijiang has delivered 33, 46, and 59 vessels for 2017, 2018 and 2019, respectively, a steady uptrend," said Mr Ren,who has been CEO of Yangzijiang since March 2015.
"I have been heading the operations of the group since 2015 - it has been five years now. This arrangement has ensured a smooth transition between two generations at Yangzijiang, and business has been going per normal," he said, adding that the shipbuilder will continue to grow its capabilities in design and in clean-energy vessels.
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