In early March, the weather in Jiangyin was still chilly. At the shipyard park by the Yangtze River, a few people strolled along the bank. A cool breeze blew, and a light mist hung over the distant river, with large ships occasionally passing through, appearing and disappearing in the haze.
This site was once the location of the former Jiangyin Yangtze River Shipyard. In 2012, the old shipyard relocated entirely in response to the Jiangyin municipal government's call. The then-leader, Ren Yuanlin, made only one request: to preserve the two old office buildings at the foot of the mountain. He intended to use them as the headquarters for the Yangtze River Group.
Today, Yangtze River Shipyard has become an internationally renowned shipbuilder. The entire group has established a three-tiered structure encompassing shipbuilding, finance, and maritime services, with its business nearly touching the entire global shipping industry chain. In mainstream rankings, the total orderbook of Yangtze River Shipyard consistently places it among the top five worldwide and first among Chinese private enterprises. It has been described by outsiders as China's most profitable shipbuilding company, and Ren Yuanlin has been called the "Private Ship King."
In 2020, Ren Yuanlin officially announced his retirement, and his son, Ren Letian, formally took over leadership. The performance of Yangtze River Shipyard has continued to rise with the industry cycle. In 2025, Yangtze River Shipyard achieved revenue of 28.5 billion yuan, a year-on-year increase of 7%; corresponding net profit reached 8.6 billion yuan, a year-on-year increase of 30%. As of the end of last year, Yangtze River Shipyard had an orderbook of 245 vessels, totaling over 150 billion yuan, with schedules extending to 2030.
Meanwhile, since 2022, the long-retired Ren Yuanlin has successively promoted the listings of two companies—Yangtze River Financial Holdings and Yangtze River Maritime—on the Singapore Exchange. During this period, Ren Yuanlin, in his seventies, continued working in his old office from the former shipyard, maintaining a strict schedule from 7:30 AM to 11:30 AM every day.
Against the backdrop of ongoing conflicts and global economic uncertainty, a recent interview was conducted with Ren Yuanlin in his modest old office.
After retirement, Ren Yuanlin rarely grants media interviews. This time, seated beside a long table piled with work documents, he spoke candidly for over an hour, covering topics from the international situation and shipping development to corporate planning and even personal matters.
The following is an excerpt from the conversation, edited for clarity.
**Q: The world is undergoing changes unseen in a century. Could you summarize 2025 in one sentence? And then use one sentence to outlook the remaining nine-plus months of 2026?**
**Ren:** To summarize 2025, we have this phrase: 'Focus on our core business, maintain stability while making progress, and pioneer innovation.' More simply put, we build good ships, manage funds well, and place new orders. Looking ahead to 2026, we will grasp the certainties, such as our existing orderbook, our goals, and our plans, which are all concrete. Simultaneously, we must deal with 'uncertainties,' particularly the new challenges and problems arising from recent events. We've already navigated past the Russia-Ukraine conflict; now, the situation involving Iran and the Strait of Hormuz presents significant uncertainty.
**Q: How do you view these uncertainties? What impact do they have on the Yangtze River group of companies?**
**Ren:** Our current aim is to factor in the uncertainties and turn them into certainties. Regarding the Strait of Hormuz, my personal view is that, driven by national interests, this issue will be a temporary difficulty but won't escalate into a disaster. For Iran, a prolonged blockade of the Strait of Hormuz would also be a devastating blow—a case of 'injuring the enemy a thousand, damaging oneself a thousand.' Therefore, I believe the current situation in the Strait of Hormuz will be resolved relatively quickly; they won't allow hundreds of ships to be blocked indefinitely. Of course, there are alternative plans, such as rerouting via Oman or elsewhere, but that increases costs significantly.
Frankly, international uncertainties do cause some volatility for the industry, but the substantive impact on Yangtze River Shipyard is limited for three core reasons: First, our 150 billion yuan orderbook consists primarily of high-quality, long-term orders. The shipowners are mostly leading global shipping companies, providing a stable cooperative foundation and ensuring order fulfillment capability. Second, our order structure focuses on green, high-value-added vessel types, aligning with the global trend of shipping transformation. Demand for these vessel types is inherently rigid and less affected by short-term market fluctuations. Third, having weathered decades of industry cycles, Yangtze River Shipyard has established a comprehensive risk control system. We have contingency plans for order acceptance, production, and fund management, enabling us to effectively respond to changes in the international situation.
**Q: How long will this current shipping cycle last? What are the main factors supporting this upturn?**
**Ren:** Looking at the performance of various traditional industries, shipbuilding, shipping, and maritime services currently seem to stand out. Typically, the shipbuilding cycle lasts 5 to 8 years. Having been in shipbuilding for nearly 50 years, I can say the cycle we are in now is the strongest, even though the Baltic Dry Index (BDI) is not very high, around 2000. This is different from 2008 when the BDI soared to 12,000 points. While the BDI dimension isn't 'crazy,' considering geopolitics, vessel aging, the shift towards new energy and green shipping, and the trend towards larger vessels, I'd say we are still in the summer of shipbuilding.
As for when winter will come for shipbuilding, it's hard to say. Based on our orderbook, which stretches to around 2030, securing a new order remains difficult in many segments. Major shipyards are fully booked, which is why we recently expanded with a new facility—Yangtze Hongyuan. The preliminary production workshop has already commenced operations; we are currently building while producing, with a greater focus on clean energy. About 70% of our current orders are for new energy dual-fuel vessels, which is a clear trend. I am also optimistic about the tanker market. In the future, AI will be a major theme of development, consuming vast amounts of energy, a significant component of which is crude oil. Whoever controls energy will hold the dominant position in the future world.
**Q: Since 2023, China's shipbuilding industry has surpassed Japan and South Korea. What advantages do we have compared to these established Japanese and Korean shipyards?**
**Ren:** Ten years ago, Japanese and Korean shipbuilding technology far exceeded China's. But now, it can be said that Japan is no longer a concern. We have joint ventures with Japanese companies and understand them well. From various perspectives, Japan can no longer compete with China and South Korea. Of course, since taking office, [Japanese politician] has proposed revitalizing Japanese shipbuilding, but the Japanese industry has inherent weaknesses; it's not easy to decline and then rise again. Due to geographical, labor, and other factors, the gap between China and South Korea is also narrowing. Firstly, in high-performance vessels, the gap is shrinking, especially for LNG carriers. Dalian builds them, Hudong builds them, and we build them too. Once this technology is broken through, we catch up. After all, these vessels are niche within mainstream ship types, the 'highbrow' segment. Our focus is more on bulk carriers and tankers, which are the mainstream, the 'common' segment. I believe China's shipbuilding industry has already surpassed South Korea in quantity, and achieving parity in quality is not difficult and will take less and less time.
**Q: Why has China's shipbuilding industry risen to prominence?**
**Ren:** My personal view is, first, shipbuilding is a highly comprehensive industry. Building a ship requires support from 70 related industries, and China can achieve this. I've visited Vietnam and India for inspections; I don't think they have this advantage. Second, shipbuilding is labor-intensive, and the work is relatively arduous. The level of mechanization in shipbuilding cannot be as high as on an automobile assembly line; most components are single-piece or niche items. In the long term, the reliance on manpower and manual skill won't change. Given this, although Vietnam and India have large labor forces, the climate conditions, workers' lifestyles, and sense of tradition in those countries are not comparable to China's labor force. In the past, our labor advantage was concentrated in construction and large equipment manufacturing like shipbuilding. Now, with industrial restructuring, many workers formerly in construction have actually moved into the shipbuilding industry. Third, climate conditions. Both Northern and Southern China are suitable for shipbuilding, but countries like India, Vietnam, Malaysia, and Indonesia do not have the same inherent advantages. China's share of the global shipbuilding market will continue to grow; I even think it will eventually exceed 70%. Of course, for a few products like luxury cruise ships, which are not our strength, China's advantage lies mainly in mainstream vessel types, also because China itself is a major shipping nation.
**Q: In recent years, new technologies and industries have emerged. Most young people prefer chasing new tech and making quick money. Is shipbuilding a good industry for young people today?**
**Ren:** Young people today have more career choices. Shipbuilding belongs to manufacturing. Frontline technical roles have relatively tough working environments and long project cycles. The short-term回报 is not as high as some emerging industries, so many young people are unwilling to 'take off their scholar's gown' and become technical workers, preferring to pursue those seemingly 'quick-money' new sectors. This is an objective reality. However, the current shipbuilding industry offers many opportunities for young people, even more than during our generation's entrepreneurial era. Because shipbuilding is no longer a traditional labor-intensive industry; it's moving towards green, intelligent, high-end, and comprehensive development. New tracks like new energy vessels, smart manufacturing, maritime finance, ship conversion, and international maritime services are all rapidly developing, and these new tracks require a large number of young talents. Practitioners in shipbuilding fall into three categories: The first are those involved in design and R&D. With the shipbuilding boom, they can immediately put their skills to use. The second are technical workers and management personnel. Skilled craftsmen in our shipyard can also earn high annual salaries. The third are laborers and movers with higher turnover; their wages might not be as high, but the jobs are stable. Most employees who have worked in our yard for over three years generally don't want to leave. We offer them many benefits not available elsewhere, such as technical allowances and employee incentives.
**Q: Outsiders are curious, why have the companies under the Yangtze River Group all chosen to list in Singapore?**
**Ren:** Choosing the Singapore Exchange listing involves multiple considerations. The core reason is Singapore's pivotal position in global shipping and maritime finance—this is the key factor. Singapore is an important global shipping and financial hub, gathering a large number of global shipowners, shipping companies, financial institutions, and industry resources. The shipping industry chain support is very comprehensive, and international investors have higher recognition and acceptance of maritime and shipping-related enterprises. Furthermore, under the conditions at the time, Singapore was actually the most suitable choice. Before Yangtze River Shipyard's listing, we considered A-shares, Hong Kong stocks, NASDAQ, and the SGX. Due to various reasons including company nature, financial reporting requirements, and geographical location, listing on A-shares, Hong Kong, or NASDAQ wasn't suitable. Finally, Singapore extended an olive branch, indicating that simulated financial statements for the past three years could be used to achieve a listing within one year. Objectively speaking, Singapore's capital market is small and its stock liquidity isn't high. But our purpose wasn't to raise funds specifically in Singapore, so we aren't afraid of these shortcomings. The year we listed in Singapore, the total funds raised exceeded 10 billion yuan, setting a record at the time. Over the years, the amount we've distributed in dividends far exceeds that figure.
**Q: After officially announcing retirement, you successively promoted the listings of Yangtze River Financial Holdings and Yangtze River Maritime. What was the初衷? Why did it have to be you leading this?**
**Ren:** Promoting the listings of the financial holding and maritime companies was a key step in the Yangtze River group's transformation from pure shipbuilding to 'shipbuilding + finance + maritime services.' This strategic layout requires a deep understanding of industry trends, capital markets, and the company's own situation. I have been in the ship industry for 50 years, very familiar with the entire产业链 of shipping, shipbuilding, and maritime finance, and I have accumulated rich international resources and capital market experience. By personally leading the charge, I could better steer the direction, integrate resources, promote the implementation of this strategy, and ensure the smooth progress of the listing work.
**Q: What is the future strategy for Yangtze River Financial Holdings and Yangtze River Maritime?**
**Ren:** In the future, Yangtze River Financial Holdings will原则上 no longer engage in lending业务. Existing funds will primarily focus on two things: First, in the short term, invest 30-40% of the funds in blue-chip stocks with dividend yields exceeding 4.5%. This is merely to improve the yield on idle funds before finding优质 investment opportunities—just a short-term investment direction. Second, actively participate in the restructuring of listed companies. We believe 2026 is an 'opportunity year' for restructurings. We can act as financial investors, strategic investors, or even industrial investors. We have set three work goals for Yangtze River Financial Holdings in 2026: continue resolving non-performing assets, actively revitalize existing assets, and strive to create new增量.
As for Yangtze River Maritime, we hope to build it into a professionally outstanding, distinctive, comprehensive maritime service company providing total solutions within 3-5 years. In the future, Yangtze River Maritime will no longer be a business segment依附于 the group, but an independent, internationally competitive maritime financial services platform, focusing on five core businesses: maritime investment, ship financing, ship leasing, ship conversion, and ship agency and brokerage.
We position ourselves as financial shipowners. Operationally, we typically target a specific vessel type, find a European shipowner, contribute 15% and 85% of the funds respectively, place orders at second or third-tier Chinese shipyards at prices about 10% lower than the market, and utilize Yangtze River Shipyard's technology and a group of retired but still-active managers to help these second/third-tier shipyards build the ships. Many small shipyards had been idle for a long time; major shipyards and shipowners are hesitant to place orders with them. But relying on Yangtze River's prior experience and talent accumulation, we are confident in delivering quality ships on time. Many second/third-tier shipyards can also benefit from this. We currently have about 50 ships under cooperation with external partners. The vessel types we order are basically all sellable, and the designs are readily available. After the ship is built, if it can be sold, we and the European shipowner share the proceeds according to the investment ratio. If it can't be sold, the shipowner can take the vessel back for their own operation.
**Q: How would you score your son Ren Letian's performance since taking over?**
**Ren:** About 80 points. With my support, he is already doing very well. But for the long-term development of an enterprise, he still has room for growth. I often tell people that one of the more successful things I've done in my life is effective succession planning. Starting in 2020, I completely handed over the shipbuilding business to my son to succeed me. It has proven that he has managed the succession very well. You must understand, shipbuilding is a very tough business. It's rare for a second generation to be so diligent,安心地 working eight hours a day in the factory with such dedication.
**Q: From the roles you and your son Ren Letian play in the group, Ren Letian is the one safeguarding the business, while you are the one charging ahead externally.**
**Ren:** I think this relates to how I raised my son. I set rules for him: start from the grassroots and stay away from finance. After graduating with a master's degree, Ren Letian came to work at our shipyard, starting right from the workshop floor. His first month's salary was 2500 yuan from me. He worked his way up from translator to construction supervisor, workshop director, production management department head, subsidiary general manager... Actually, these years of grassroots experience have benefited him greatly: First, he understands the business, so others can't deceive him. Second, he builds rapport; he now has many capable assistants around him, whom he met and nurtured in the workshops. Having him safeguard the business also allows him to combine his computer knowledge with on-site production. For example, once he used IoT methods to coordinate forklift usage, which immediately improved efficiency and saved costs. Many second-generation successors nowadays don't go to the factory first; they start with finance and investment. Finance deals with millions in an instant, while manufacturing is about accumulating bit by bit; the difficulty of making money is different. Keeping him away from finance made him more down-to-earth. Of course, he also has shortcomings; for instance, currently, the billions in cash sitting in the shipyard's account are just 'lying idle.' He is successful in safeguarding the shipbuilding business, so someone needs to pioneer innovation—that's where I can contribute my remaining energy. Usually, the older generation does the solid business, and the younger generation does innovation; we are the opposite.
**Q: You have a famous saying, 'As long as the sea doesn't dry up, shipbuilding won't stop.' In the latest Hurun Rich List, you and your family have entered the global top 1200. Wealth might just be a number now. What motivates you to keep 'stirring things up'?**
**Ren:** Indeed, as you said, at this stage, wealth is no longer the core motivation for my actions. What drives me to keep moving forward and continuously布局 new tracks is, first, a sense of attachment and responsibility towards the ship industry. I've built ships for 50 years, witnessing firsthand China's shipbuilding industry grow from weak to strong, and Yangtze River Shipyard evolve from a local shipyard into an internationally competitive enterprise. This sentiment is something I cannot let go of. Second, it's the long-term consideration for the enterprise's development. I used my major shareholdings to establish several trusts: part for family trusts, part for employee trusts, used for employee incentives, public welfare, and talent recruitment. Seventy to eighty percent of the key personnel in the shipyard, besides their basic annual salary, receive dividends from me as extra income. This actually plays a foundational role in stabilizing the shipyard's development, promoting精细 management, and fostering a family-like culture. I believe people are inherently self-interested and profit-driven. Without this foundation, morale can easily scatter. Furthermore, there's the excitement of seeing industry opportunities. For me, making money is an interest, a learning opportunity, and an exciting experience. Currently, there are many market opportunities in maritime finance and green shipbuilding. China's global advantage in shipbuilding can be further leveraged. Being able to seize these opportunities and make the Yangtze River group larger and stronger—this sense of achievement is unmatched by anything else.
On the eve of his 70th birthday, Ren Yuanlin, upon a friend's suggestion, wrote an autobiography, using hundreds of thousands of words to record how he and Yangtze River Shipyard gradually rose to the forefront of the world's shipbuilding industry over the past decades. The story begins with a child who loved playing by the river. 'Back then, the ships on the Yangtze River were relatively small, but they made loud noises, emitting a loud 'putt-putt-putt' sound from afar... Occasionally, a large ship would sail by on the river, looking magnificent. At such times, I would wave my arms and shout: 'The big ship is coming! The big ship is coming!'' Ren Yuanlin didn't know why he was so excited back then. 'Perhaps, somehow, it was fate,' he thought. 'For Yangtze River Shipyard, crisis and vigilance, reform and innovation, survival and考验, learning and growth are always on the journey.' The biography was completed in 2024. In the postscript, Ren Yuanlin recounted the点滴 along the way: honors and criticisms, successes and failures, experiences and lessons were all vivid, a mix of sour, sweet, bitter, and spicy. 'Good things make you happy, difficult things make you strong, bad things make you broad-minded... There's a saying that goes well: In life, everyone has their own ferry crossing, and everyone has their own boat.' Ren Yuanlin said.
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