Shanghai Jinjiang Shipping returns to the newbuilding market, placing an order for 2+2 1100TEU energy-saving feeder container ships at Sumec Shipbuilding.
Jinjiang Shipping’s bidding project attracted participation from several shipyards, with Sumec Shipbuilding, Wuchang Shipbuilding, and Huanghai Shipbuilding ranking as the top three winning candidates. According to the contract arrangement, the shipyard will deliver the first vessel within 720 calendar days after the contract is signed and becomes effective, with subsequent new ships delivered every three months.
The series of vessels have an overall length of 147.90 meters, a length between perpendiculars of 144.75 meters, a molded breadth of 23.25 meters, a molded depth of 11.50 meters, a design draft of 7.30 meters, a scantling draft of 8.50 meters, a loading capacity of 1182TEU, a 14-ton homogeneous container loading capacity of 712TEU, a reefer container capacity of 145FEU, a design speed of about 18.5 knots, and a main engine SMCR of 7700KW×110rpm. They will be classed by China Classification Society and fly the Hong Kong, China flag.
For reference, Clarksons’ data shows the current newbuilding price for a 1200TEU container ship is approximately $24.25 million (about RMB 173 million), slightly lower than the $24.5 million from the same period last year.
This is Jinjiang Shipping’s first new ship order in the past four years. It is understood that Jinjiang Shipping’s last order for new ships was in 2021, when the company placed an order for a series of 4×1900TEU container ships at Yangfan Group; these new ships were all delivered between 2023 and 2024.
This new ship investment plan comes as Jinjiang Shipping achieves profit growth and continues to expand its services to Asia, South Asia, and the Middle East, leveraging its special position in regional trade. According to the latest data from Alphaliner, Jinjiang Shipping currently operates a fleet of 51 container ships, including 26 owned vessels and 25 chartered vessels, with a total capacity of about 56,371TEU, ranking 35th globally.
Shanghai Jinjiang Shipping (Group) Co., Ltd. was established in 1983 and is primarily engaged in international container transportation, specialized shipping services, and shipping logistics. In recent years, Jinjiang Shipping Group has successfully implemented its brand strategy, continuously carried out integrity-building initiatives, and achieved steady growth in economic benefits and operational scale.
In the first half of this year, Jinjiang Shipping achieved revenue of RMB 3.378 billion, a year-on-year increase of 26.11%; net profit attributable to shareholders of the listed company reached RMB 794 million, a year-on-year increase of 150.43%. In the second quarter alone, the company achieved operating revenue of approximately RMB 1.712 billion and net profit attributable to the parent company of approximately RMB 438 million, a quarter-on-quarter increase of 22.72%.
Jinjiang Shipping’s order will further expand Sumec Shipbuilding’s market share in the feeder ship segment. In recent years, Sumec Shipbuilding has accelerated its business expansion, continuously enriched its mainstream product lines, and achieved significant results in the feeder container ship sector. In May this year, Sumec Shipbuilding successfully won the bid for the construction contract of 2×1100TEU feeder container ships for Minsheng Shipping, and recently announced renewed partnerships with long-term partners Chartworld and TMA, successfully signing construction contracts for 2×3100TEU feeder container ships each.
Clarksons’ data shows that Sumec Shipbuilding’s New Dayang Shipbuilding currently has a total orderbook of 71 ships totaling 4.29 million deadweight tons, including 62 bulk carriers, 4 container ships, 4 oil tankers, and 1 offshore vessel, with deliveries scheduled until 2028.
