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In 2024, the company secured new orders for 126 vessels valued at $14.6 billion.
This is 324 percent more than its target of $4.5 billion for the 2024 financial year, “fueled by strong demand for eco-friendly vessels and oil tankers,” Yangzijiang said.
The shipbuilder noted that 82 percent of these new orders were classified as “eco-friendly vessels, aligning with the green transition trend.”
Besides 38 LNG dual-fuel and 23 methanol dual-fuel containerships, the orders include 16 gas carriers, 13 bulk carriers, and 29 oil tankers.
According to Yangzijiang, 28 of these LNG dual-fuel containerships will have a capacity of 17,000 teu, while 10 vessels will have a capacity of 9,000 teu.
In total, Yangzijiang has 62 LNG dual-fuel containerships in its order book.
The company did not reveal the names of the companies that ordered these LNG dual-fuel container vessels in 2024.
In November, Germany’s Hapag-Lloyd confirmed it had placed an order at Yangzijiang Shipbuilding for 12 LNG dual-fuel vessels each with a capacity of 16,800 teu.
Danish shipping giant Maersk also confirmed it has booked two LNG dual-fuel vessels with a capacity of 9,000 teu at Yangzijiang, and six LNG dual-fuel vessels with a capacity of 17,000 teu.
As of December 31, 2024, Yangzijiang’s total outstanding orderbook stood at $24.4 billion for 245 vessels, with deliveries spanning from 2025 to 2030.
The group’s revenue increased by 10.1 percent year-on-year to RMB 26.5 billion ($3.64 billion) during 2024, driven by “notable growth” in both shipbuilding and shipping segments.
In line with revenue growth, gross profit increased by 40.6 percent year-on-year to RMB 7.6 billion.
LNG carrier duo
in 2024, Yangzijiang delivered a total of 64 vessels, including three added to its own fleet, exceeding its delivery target of 63 vessels.
The company said it expects to deliver 56 vessels in 2025.
Yangzijiang said 2025 vessel deliveries mainly stem from orders placed in 2022 and 2023.
The group said the lower 2025 delivery target was mainly due to the start of construction of larger and more sophisticated vessels at the Xinfu yard, which require a longer time for completion, and the exclusion of two 175,000-cbm LNG carriers from the delivery schedule, as “they have been reclassified as inventory following the contract termination.”
Yangzijiang did not provide further details regarding the LNG carriers.
In August 2024, Yangzijiang announced that it had terminated shipbuilding contracts for two 175,000-cbm LNG carriers, but it did not provide much information regarding the vessels.
The shipbuilder said that “the customer defaulted on the milestone payment” with “zero deposit paid”.
Moreover, the shipbuilder said it aims to complete the vessel construction utilizing internal funds and to resell the LNG carriers in the open market.
Back in October 2022, Yangzijiang announced it won its first order for large LNG carriers from a European owner.
The contract included two 175,000-cbm LNG carriers with delivery between 2025 and 2026.
The LNG carriers feature GTT’s Mark III Flex membrane containment system.
Shipbuilding sources previously told LNG Prime that Germany’s Hammonia Reederei was behind this order and that the vessels were each worth about $235 million.