Yangzijiang Maritime Development Ltd. reported net profit attributable to shareholders of US$44.9 million for the six months ended Jun 30, down 29 percent year-on-year after heavier operating costs linked to its expanding fleet of newbuild vessels.

Total income rose 49 percent to US$81.6 million, driven by stronger contributions from the Maritime Business segment. The company did not declare an interim dividend.

By segment, Maritime Business income surged 70 percent to US$51.7 million as additional newbuilds swelled the maritime fund asset base. Cash Management income doubled to US$14.4 million on favourable mark-to-market movements, although lower treasury balances cut interest receipts. Other Non-Maritime Investments generated US$15.5 million, down 12 percent on reduced interest income.

Operating expenses climbed 152 percent to US$32.7 million, reflecting higher voyage costs, transit fees and vessel depreciation. Currency revaluation losses of US$5.6 million contrasted with a gain a year earlier, while profit contributions from joint ventures and associates fell to US$7.0 million.

The group continued to scale its asset-light model, committing capital to an enlarged pipeline of newbuild maritime assets. Over the past nine months it signed contracts to sell 12 vessels for about US$500 million, with deliveries slated to bolster earnings from FY2026 to FY2028. Net assets stood at roughly US$1.8 billion as at Jun 30, with cash and cash equivalents of US$238 million.

Executive chairman and chief executive Ren Yuanlin noted that early sales contracts allow the company to secure capital gains ahead of vessel delivery, giving earnings visibility while maintaining disciplined capital recycling. He added that the balance-sheet strength positions the group to widen its recurring income base and capture value from structural shifts such as tighter Western financing conditions and tougher decarbonisation rules under the International Maritime Organization.