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The country’s largest shipbuilding conglomerate has secured a record order for 87 ships valued at approximately CNY50 billion (USD7.1 billion) from a prominent Chinese shipping company. This shipping giant operates both its namesake line and a major overseas container service.
The deal marks the largest domestic contract ever signed by a Chinese shipbuilder, according to a statement from the company’s listed arm. The vessels will be constructed across six of the company’s shipyards.
The ordered fleet includes an array of vessel types, such as ultra-large container ships, sizable bulk carriers, massive oil tankers, grain transport vessels, multi-purpose heavy lift ships, medium-range tankers, ferries, and small container ships. The contract encompasses a long-term project, though specific delivery timelines were not disclosed.
Approximately CNY47 billion of the total will be settled through cross-border Chinese yuan transactions, setting a new record for such settlements. This strategy exemplifies the company’s efforts to diversify its settlement currency options.
The shipping firm is the leading ocean freight provider in China, with several publicly traded subsidiaries. One focuses on energy transportation, while another specializes in container shipping.
Shares of the company’s holding arm closed 2.4% higher at CNY34.56 (USD4.89) today, even as the broader Shanghai stock index declined by 0.4%.
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