Yangzijiang Surges 4% as Veteran Ren Invests $800M in Shipbuilding
Chinese shipbuilding veteran Ren Yuanlin is turning his investment house’s focus from property to shipowning, inking a string of tanker newbuildings worth close to $800m.
Ren-led Yangzijiang Financial Holding is said to have raised its tanker newbuilding tally to 22 with fresh contracts at four Chinese shipyards and is poised to book four handysize bulkers.
Yangzijiang Financial orders tanker quartet with order at Chinese shipyard.
The company’s order spree, some for its own account but more than half in partnerships with foreign shipping companies, follows the investment company’s strategy to reduce exposure to China — particularly to the troubled real estate sector to focus on high-growth segments.
YZJ Shipbldg SGD jumps 3.85% at 10:39 am, Mar 21st.
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