Chinese state-owned intra-Asia carrier Shanghai Jinjiang Shipping has exercised options for two more 1,900TEU Bangkokmax ships at compatriot shipbuilder Yangfan Group.
Yangfan Group announced the additional orders on 18 November, together with the handover of a 1,868TEU newbuilding to Ningbo Ocean Shipping Company (NBOSCO), another state-owned intra-Asia carrier.
The newbuilding price was not disclosed, but at the time of Shanghai Jinjiang’s initial order in June, similar vessels were valued at US$33 million.
Four years after suffering from a liquidity crunch, Yangfan Group was resurrected with the rebound in container shipping in October 2020, when it received an order to build six 5,500TEU ships for Belgian tonnage provider Delphis.
Partly owned through the state-owned Qingdao Huatong Group, Yangfan Group suspended its shipbuilding activity in 2016, while its then majority owner, the privately owned Jianlong Group, exited the shipbuilder. Qingdao Huatong Group then spearheaded Yangfan Group’s restructuring, which was completed in 2018.
Like many liner operators, Shanghai Jinjiang is ordering new ships to meet heightened demand. The company’s initial order for a Bangkokmax pair was the first time in eight years that Shanghai Jinjiang had commissioned newbuildings.
The company also entered the Transpacific lane through a slot purchase agreement with newcomer liner operator Transfar Shipping, which launched China-US West Coast sailings in August with the support of Chinese e-commerce group Alibaba.