With US$11.7Bn in orders, Chinese shipbuilder surpasses FY 2024 target by 259%

China’s Yangjiang Shipbuilding Group reported securing orders to build 98 ships valued at US$11.7Bn — 259% of its annual target — by Q3 2024. Its FY 2024 order target was US$4.5Bn.

The Chinese shipbuilder’s total orderbook as of 7 November was US$22.1Bn, up from US$14.5Bn as of 31 December 2023. 84% of the new orders were “clean energy ship types,” including 16 gas carriers, 32 LNG dual-fuel ships and 17 methanol dual-fuel ships.

As of 7 November, Yangjiang Shipbuilding delivered 57 new ships, achieving 90% of the annual delivery target of 63 new ships. Among these were several delivery ‘firsts’, including 1,260-TEU methanol dual-fuel container ship Eco Maestro for X-Press Feeders, 40,000-m³ LPG and liquefied ammonia dual-fuel carrier for Hartmann, and 16,000-TEU dual-fuel container ship MSC Siena for MSC.

Built by the group’s Yangzi Xinfu Shipbuilding, MSC Siena is the first of 12 such box ships, each with a length of 366 m, beam of 51 m, depth of 30 m, and design draught of 14 m. The ultra-large container ship is equipped with 13,000-m³ 9Ni steel B-type LNG fuel tank. The series is designed with energy-saving devices such as shaft generators, air lubrication and rudder bulbs. The dual-fuel main engine uses the ECO exhaust gas recirculation optimisation, which can further effectively reduce fuel consumption while meeting IMO Tier III emission standards.

Overall, the order backlog at the Chinese shipyard group covers 95 container ships, 38 bulk carriers, 27 LEG/LPG/VLAC/VLEC gas carriers, 64 oil and chemical carriers. Notably, clean energy ship types account for about 75% of the total orders.