Yangzijiang Maritime Development Co. (hereinafter referred to as “Yangzijiang Maritime”),owned by Ren Yuanlin, has recently signed contracts with two Chinese shipyards for up to 12 newbuildings, continuing its fleet expansion spree spanning bulk carriers, product tankers and chemical carriers.

According to market sources, the company has placed an order at Jingjiang Nanyang Shipbuilding for 10+4 firm/optional units of 64,500 dwt ultramax bulk carriers. Another agreement covers two 50,000 dwt MR product tankers to be built at Qidong Qianyao Heavy Industry. The total value of this latest newbuilding programme is estimated at around $450 million.

Shipbuilding database shows that the latest MR tanker order brings Yangzijiang Maritime’s confirmed newbuilding count at Qianyao Heavy Industry to 12 vessels, including four 40,000 dwt bulk carriers and eight 50,000 dwt product tankers. The company is no stranger to Jingjiang Nanyang either; its predecessor maritime investment business had ordered more than 10 vessels there. Four of those MR newbuildings were subsequently sold to Scorpio Tankers, with the first delivered in July this year.

These new transactions will further enrich the company’s rapidly expanding fleet portfolio. Last month, Yangzijiang Maritime had already returned to Jiangsu Haifeng Shipbuilding to place a package order for four MR tankers and two LR2 tankers, estimated by shipbuilding industry sources to be worth over $320 million. A week later, the company was also reported to have teamed up with Taihua Ship Management to order 4+2 units of 28,000 dwt duplex stainless steel chemical tankers at Zhoushan private yard Ningxing Shipbuilding.

By the end of June, Yangzijiang Maritime’s fleet portfolio had exceeded 120 vessels, including more than 60 newbuildings on order.