8 vessels! This "bankrupt shipyard" secures its first major container ship order from European shipowners.

Greek shipowner Chartworld Shipping continues its expansion by ordering 4+4 units of 3,100 TEU container vessels from Yangzhou Guoyu Shipbuilding.

It is reported that the construction cost of these four new vessels ranges from approximately USD 41 million to USD 42 million each, with the first four vessels scheduled for delivery in 2028. Once the optional order is confirmed and takes effect, the total value of all eight new vessels will reach USD 336 million (approximately RMB 2.393 billion).

For reference, Clarkson data shows that the current newbuilding price for a 2,600/2,900 TEU container ship is approximately USD 45 million, representing an increase of about 4% compared to USD 43 million during the same period last year.

The latest order continues Chartworld's momentum in expanding its presence in the container shipping sector. Earlier this year, the company had just signed a contract with Xindayang Shipbuilding for the construction of two additional 3,100 TEU container vessels, which are also expected to be delivered in 2028.

Prior to the order placed with Xindayang Shipbuilding, Chartworld's last order for container vessels was in 2021, when the company placed an order with Xinchao Shipbuilding for four 13,000 TEU-class container ships. Among these, two vessels have since been resold to Germany's Hapag-Lloyd, while the remaining two have been leased out under long-term contracts with Hapag-Lloyd.

Currently, Chartworld is actively optimizing its fleet through both newbuilds and the acquisition of secondhand vessels. According to Clarkson data, Chartworld owns and operates a total of 72 vessels, comprising 37 bulk carriers, 20 container ships, 11 oil tankers, and 4 refrigerated vessels. In addition to its container ship orders, the company also has four MR-type product tankers under construction at Xinyangzi Shipbuilding, scheduled for delivery in 2026.

For Guoyu Shipbuilding, the latest order marks its first-ever contract with a European shipowner since restarting its shipbuilding operations. It is worth noting that Guoyu Shipbuilding was originally a controlling subsidiary of Wuhan Guoyu Logistics Industry Group Co., Ltd., established in June 2005 and located in the Yizheng Economic Development Zone, Yangzhou City, Jiangsu Province, with a total project investment of RMB 1.5 billion. The shipyard boasts four shipbuilding docks, each capable of lifting up to 800 tons, and is equipped to construct various types of vessels—including cargo ships, oil tankers, and chemical tankers—up to 100,000 deadweight tons or less. Its annual production capacity can reach 2 million tons, generating an estimated annual output value of approximately RMB 5 billion.

Affected by the broader downturn in the shipbuilding industry, Guoyu Shipyard encountered severe financial difficulties in 2015. At the beginning of 2016, local media reported that Guoyu Shipyard had failed to pay wages to more than 1,000 migrant workers. To make matters worse, its parent company, Guoyu Logistics, was also exposed in March 2016 for overdue bank loans. Under these mounting pressures, Guoyu Shipyard was forced to halt production, and several overseas shipowners subsequently canceled orders for over 10 new vessels previously placed with the yard. As the original shareholders faced a deep debt crisis and were unable to meet their debt obligations on time, Guoyu Shipyard entered bankruptcy proceedings in November 2021.

In July 2024, the restructuring plan for Guoyu Shipbuilding, with Dingyi Investment as the restructuring investor, was overwhelmingly approved by a creditors' meeting and subsequently sanctioned by the court ruling. This marks the official entry of Dingyi Investment into a controlling stake in Guoyu Shipbuilding. At the time, Dingyi Investment stated that after taking control of Guoyu Shipbuilding, it would remain committed to the shipbuilding core business, equipping the company with an experienced management and operational team, upgrading its supporting facilities, and swiftly resuming full production and operations. Additionally, Dingyi Investment plans to gradually transition Guoyu Shipbuilding toward the construction of high-value-added vessels. Meanwhile, Dingyi Investment will leverage its industry and financial resources to secure premium shipbuilding orders for Guoyu Shipbuilding, thereby significantly boosting the company's overall shipbuilding output value.

According to Clarkson's data, including the latest order, Yangzhou Guoyu Shipbuilding currently holds a total of 33 vessels with a combined deadweight tonnage of 1.938 million tons. These include 16 container ships and 17 chemical tankers, with delivery schedules extending as far as 2028.