The Singapore-registered Yangzijiang Shipbuilding (Holdings) Ltd., which owns shipyards in China, said that its subsidiaries had terminated contracts for the construction of four oil tankers due to “the Buyer’s sole shareholder was involved in a scheme to circumvent U.S. sanctions laws and regulations”.
The total value of the contracts was approximately $180 million and delivery of the four oil tanker was scheduled for a period between 2026 and 2027. Yangzijang Shipbuilding stated this in a statement released on the Singapore Stock Exchange.
Yangzijiang Shipbuilding assures that an inspection was carried out before the conclusion of the contract, but there has been no recent information about the buyer’s shareholder who has been sanctioned by the United States.
Yangzijiang Shipbuilding is a large enterprise group that specializes in shipbuilding and marine engineering manufacturing, as well as shipping leasing and trade logistics. It also has real estate development as a supplement to its business.
The group company includes Jiangsu New Yangzi Shipbuilding Co., Ltd., Jiangsu Yangzi Xinfu Shipbuilding Co. Ltd., and Jiangsu Yang-Mitsui Shipbuilding Company Ltd. They are all located on both sides of the Golden Waterway in Jingjiang, Taixing, and Taicang, which are in the lower reaches of the Yangtze River and 170 km away from Shanghai and Nanjing. The group’s total assets exceed 70 billion yuan and cover an area of over 5 million square meters. It has more than 7,000 meters of wharf shoreline and over 6,000 employees.
