SINGAPORE – Yangzijiang Shipbuilding announced a total of US$1.2 billion (S$1.6 billion) in order wins for the year to date as at April 24, representing 39 per cent of its US$3 billion target for financial year 2023.

In its first-quarter business update on Tuesday, the group said its year-to-date order book value has hit a record high of US$11 billion, up from US$10.5 billion as at end-2022.

This comes on the back of a diversified order book and new contracts secured, the China-based company said.

The group has delivered 16 vessels in the year to date, which is 28 per cent of its delivery target of 57 vessels for this year.

Container ships, which make up about 56 per cent of the vessel orders, are worth a total of US$7.8 billion, and contribute to about 71 per cent of the total outstanding order book value.

Yangzijiang Shipbuilding’s current portfolio comprises 23 dry bulk carriers, two container ships, three chemical tankers and one multiple purpose vessel. These 29 vessels in its fleet portfolio have an average age of 7.4 years.

The group aims to upgrade the overall efficiency of its fleet. It is also looking to replace its long-serving fleet with new and fuel-efficient vessels, while maintaining a relatively stable fleet size.

The group’s targeted new fleet portfolio is expected to better meet customers’ demand and generate greater revenue streams, it said.

Shares of Yangzijiang Shipbuilding were trading down two cents, or 1.6 per cent, to $1.25 as at 2.39pm on Tuesday after the news. THE BUSINESS TIMES