It also signed letters of intent for joint ventures to build new tankers, bulk carriers
[SINGAPORE] Yangzijiang Maritime Development signed contracts with a Marshall Islands-based shipowner for the sale of four new medium-range tankers with an aggregate gross value of US$180 million.
These four tankers, weighing 49,800 deadweight tonnage (dwt), are being built at a Chinese shipyard and are scheduled for delivery between 2026 and 2027, said the one-stop maritime financial solutions provider in a bourse filing on Monday (Nov 17).
The move is part of its ongoing portfolio optimisation strategy and enables capital recycling, noted the group.
With its current fleet size of 76 vessels comprising tankers, gas carriers, bulkers, containerships and offshore support vessels, it has grown its net asset value to some S$2 billion as at Jun 30 this year, from around S$0.5 billion as at Jun 30, 2022, added the statement.
The group also inked letters of intent for joint ventures – to build four new medium-range tankers weighing 49,800 dwt with a European shipowner; and four new bulk carriers of some 40,000 dwt with a Singapore-based shipowner.
These vessels will be built at two Chinese shipyards for delivery between 2027 and 2028, the group said, noting that it holds majority equity interests for these joint ventures that complement its portfolio diversification strategy.
Yangzijiang Maritime executive chairman and chief executive Ren Yuanlin said: “Capitalising on structural maritime tailwinds with our strong balance sheet, we are focused on optimising our fleet size with a disciplined capital approach, reinforcing sustainable growth and investments in modern, eco-friendly vessels.”
Yangzijiang Maritime, the spin-off from Yangzijiang Financial ’s maritime investment segment, will make its mainboard debut on Tuesday.
It intends to raise gross proceeds of at least S$5.2 million through a private placement of some 8.6 million fully paid ordinary shares at S$0.60 apiece. Once the distribution and placement complete, it expects a market capitalisation of S$2.04 billion.
The Business Times earlier reported that shares of Yangzijiang Financial sank nearly 61 per cent on the morning of Nov 10 in intraday trade before ending the day down 51.4 per cent, as the counter went ex-entitlement to an in-specie distribution of shares in the maritime spin-off.
Yangzijiang Financial ended Monday flat at S$0.515 before the announcement.
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