Korean Media: Secures $706 Million Shipbuilding Contract, Greek Shipowner "Abandons Japan, Chooses China"!

On June 19, South Korean media outlet *Herald Economy* published an article stating that Yiyoung Shipping, a Greek shipping company, has already ordered 18 new vessels from Chinese shipyards this year. This move is interpreted as the company diversifying its customer base toward China, driven by tight delivery schedules and lack of price competitiveness at Japanese shipyards.

According to industry insiders, Yiyoung Shipping recently signed a construction contract with Taizhou Sanfu Ship Engineering Co., Ltd. in China for four 2,400 TEU feeder container ships. The contract includes an option to build two additional vessels. These ships are scheduled for delivery starting in 2028.

The vessels will be equipped with proprietary cargo handling systems and environmentally friendly dual-fuel engines. Each vessel is expected to cost approximately $45 million. Including the optional vessels, the total contract value amounts to around $270 million.

With this contract, Yiyoung Shipping’s total number of new orders placed with Chinese shipyards this year has risen to 18, with a cumulative order value of about $706 million.

Yiyoung Shipping has rapidly expanded its business cooperation with Chinese shipyards recently. In March this year, the company ordered 4+4 vessels—82,000 DWT Kamsarmax bulk carriers—from HanTong Shipbuilding. Subsequently, in April, it signed a construction contract with Huangpu Wenchang Shipyard for 2+2 vessels—1,800 TEU container ships.

Industry experts noted that Yiyoung Shipping had previously favored Japanese shipyards. Analysts believe that as Japanese shipyards have recently postponed delivery schedules beyond 2030, while Chinese yards have gained increasing advantages in pricing competitiveness, the company’s procurement strategy is undergoing a shift.

Notably, Chinese shipyards are leveraging their fast delivery timelines and competitive pricing to capture new demand from Greek shipping companies, focusing particularly on medium- and small-sized container ships and bulk carriers.

Original Source: toutiao.com/article/1868414563143819/

Disclaimer: The views expressed in this article are solely those of the author.