At Seventy Years Old, He Built Two Listed Companies Again | Interview with "Private Shipbuilding King" Ren Yuanlin: How China's Most Profitable Private Shipbuilding Enterprise Was Forged?

Every Day Economics Reporter | Huang Hai Every Day Editor | Liao Dan

At the beginning of March, Jiangyin is still chilly. Along the Yangtze River, the shipyard park sees people strolling in small groups. The river breeze carries a hint of coolness, with a thin mist over the distant river, occasionally revealing large ships passing by, sometimes faintly visible.

This was once the site of the “Jiangyin Yangtze River Shipyard.” In 2012, “Old Yangtze” responded to Jiangyin’s government call and relocated the entire factory. The then-leader, Ren Yuanlin, only made one request — to preserve the two old office buildings at the foot of the mountain, as he wanted to use this as the headquarters of Yangtze River Group.

Photo of the old Yangtze River Shipyard office buildings next to the shipyard park. Source: Photo by Huang Hai, reporter for Every Day Economics

Today, Yangtze River Shipping has become an internationally renowned shipbuilding yard. The entire group has built a three-layer structure of shipbuilding + finance + maritime services, with business nearly covering the entire global shipping industry chain. In mainstream rankings, Yangtze River Shipping consistently ranks in the top five worldwide in total order backlog, first among Chinese private enterprises, and has been called China’s most profitable shipbuilding company. Ren Yuanlin is also known as the “Private Ship King.”

In 2020, Ren Yuanlin announced his retirement, and his son, Ren Letian, officially took over. Yangtze River Shipping’s performance has continued to rise with the industry cycle. By 2025, Yangtze River Shipping achieved revenue of 28.5 billion yuan, a 7% increase year-over-year; net profit reached 8.6 billion yuan, up 30%. As of the end of last year, the company had 245 ships on order, totaling over 150 billion yuan, with delivery scheduled through 2030.

Meanwhile, since 2022, the retired Ren Yuanlin has pushed for the listing of two companies — Yangtze River Financial Holdings and Yangtze River Maritime — on the New York Stock Exchange. During this period, the 70-something-year-old Ren Yuanlin still worked in the old Yangtze office, working diligently from 7:30 am to 11:30 am every day without fail.

With ongoing conflicts between the US and Iran, the global economy is once again shrouded in uncertainty, turbulent and unpredictable. Recently, a reporter from “Every Day Economics” (hereafter NBD) visited Ren Yuanlin in this modest old office.

“Private Ship King” Ren Yuanlin. Source: Provided by interviewee

Since retiring, Ren Yuanlin has rarely given interviews. This time, sitting beside a long table piled with work documents, he spoke openly with the NBD reporter for over an hour, discussing international affairs, shipping development, corporate planning, and even personal topics.

Below are some excerpts from the conversation, edited for clarity.

NBD: The world is experiencing unprecedented changes in a century. Can you summarize 2025 in one sentence? And also, give a one-sentence outlook for the remaining 9+ months of 2026?

Ren: To sum up 2025, I’d say — focus on core business, steady progress, and innovation. Simply put, we are building good ships, managing finances well, and ordering new ships. Looking ahead to 2026, we will focus on certainty, such as our existing orders, goals, and plans, which are all clear. At the same time, we must also face uncertainty, especially with many new challenges and issues arising in recent days. We’ve moved past the Russia-Ukraine conflict; now, the situation in Iran and the Strait of Hormuz still brings great uncertainty.

NBD: How do you view these uncertainties? What impact might they have on Yangtze River Group companies?

Ren: We now try to incorporate uncertain factors into our planning, aiming to turn them into certainty. Regarding the Strait of Hormuz, my personal view is that, driven by national interests, this will be a temporary difficulty, not a disaster.

For Iran, if the Strait of Hormuz were to be truly and long-term blocked, it would be devastating. That would be a “biting the hand that feeds you” situation. So I believe the current issues in Hormuz will be resolved quickly, and ships won’t be left stranded for long. There are other options, like rerouting through Oman or elsewhere, but that would increase costs.

Honestly, international uncertainties do cause some fluctuations in the industry, but their actual impact on Yangtze River Shipping is limited. There are three main reasons: First, our 150 billion yuan backlog mainly consists of high-quality, long-term orders from top global shipping companies, with a solid cooperation foundation and guaranteed fulfillment; second, our order structure focuses on green, high-value ships, aligning with the global shipping transition, and demand for such ships is inherently rigid, less affected by short-term market fluctuations; third, after decades of industry cycles, Yangtze River Shipping has established a comprehensive risk control system, with plans in place for order acquisition, manufacturing, and financial management, enabling us to respond effectively to international changes.

NBD: How long will this shipping cycle last? What are the main reasons supporting this upward trend?

Ren: From the performance of traditional industries, shipbuilding, shipping, and maritime services seem to be “standing out” right now. Generally, the shipbuilding cycle lasts about 5 to 8 years.

Having been in shipbuilding for nearly 50 years, I believe we are in the most prosperous phase, even though the Baltic Dry Index (BDI) is only around 2000. Unlike 2008 when BDI soared to 12,000, the current index isn’t “crazy,” but considering geopolitical tensions, aging ships, green energy trends, and the trend toward larger vessels, I still see this as a shipbuilding summer.

As for when the winter will come, it’s hard to say. Our current orders extend to about 2030, and many places still have difficulty securing orders. Leading shipyards are fully booked, so we recently expanded a new plant — Yangtze Hongyuan. The front workshop has already started construction and is now in production, focusing more on clean energy. About 70% of our current orders are for new energy dual-fuel ships, which is a clear trend.

I also remain optimistic about the oil tanker market. In the future, AI will become a major development driver, and energy consumption will be huge. One of the key energy sources is crude oil. Whoever controls energy controls the future of the world.

NBD: Since 2023, China’s shipbuilding industry has overtaken Japan and South Korea. Compared to these established shipyards, what advantages does China have?

Ren: Ten years ago, Japan and South Korea’s shipbuilding technology far surpassed China. But now, Japan is no longer a threat. We have joint ventures with Japanese companies and know them very well. From all aspects, Japan can no longer compete with China or Korea. Of course, after Sano Sakiaki’s rise, Japan also proposed revitalizing its shipbuilding industry, but Japan’s inherent weaknesses make it difficult to rebound easily.

South Korea’s gap with China is also narrowing due to regional, labor, and other reasons. Especially in high-performance ships, China’s gap with Korea is decreasing, particularly in LNG (liquefied natural gas) carriers. Dalian and Hudong-Zhonghua have built LNG ships, and we have as well. Once this technology is fully mastered, it will be on par. These ships are niche in the mainstream market — considered “highbrow” — while our main focus remains on bulk carriers and oil tankers, which are more “popular.”

I believe China’s shipbuilding industry has already surpassed Korea in quantity, and catching up in quality is not far off. The time needed is getting shorter.

NBD: Why has China’s shipbuilding industry risen?

Ren: In my opinion, first, shipbuilding is a highly integrated industry. Building a ship involves about 70 supporting industries, and China can do this. I’ve visited Vietnam and India; I don’t think they have this advantage.

Second, shipbuilding is labor-intensive and relatively tough work. The mechanization level can’t match automobile assembly lines; most parts are single, niche components, relying on manual labor and craftsmanship. Long-term, this characteristic won’t change. Despite Vietnam and India having many workers, their climate, lifestyle, and tradition are not comparable to China’s labor force. In the past, China’s labor advantage was in construction and large equipment manufacturing. Now, with industrial restructuring, many workers from those sectors have shifted to shipbuilding.

Third, climate conditions. Both southern and northern China are suitable for shipbuilding, but countries like India, Vietnam, Malaysia, and Indonesia are not as naturally suited.

China’s share in global shipbuilding will continue to grow, possibly exceeding 70% in the future. Some luxury cruise ships are not our main strength; China’s advantage lies in mainstream ships because China is a major shipping nation.

NBD: In recent years, new technologies and industries have emerged, and most young people prefer to chase new tech and quick profits. Is shipbuilding a good industry for young people now?

Ren: Young people now have more employment options. Shipbuilding is manufacturing, with frontline technical roles that are relatively tough, with long hours, and short-term returns are less attractive compared to emerging industries. So many young people prefer to avoid wearing overalls and working as technicians, instead chasing seemingly “quick money” in new sectors — which is a realistic choice.

But currently, the shipbuilding industry offers many opportunities for young people, even more than when we started. It’s no longer a traditional labor-intensive industry but is moving toward green, intelligent, high-end, and integrated development. New tracks like energy-efficient ships, smart manufacturing, maritime finance, ship refitting, and international maritime services are developing rapidly, requiring large numbers of young talents.

Shipbuilding workers can be divided into three categories: first, designers and R&D personnel — now, with the boom, they will find plenty of opportunities; second, skilled workers and managers — experienced craftsmen in our yards can earn high salaries; third, casual laborers and movers — their pay may be lower, but they enjoy stability. Employees who work more than three years in our factory generally don’t want to leave, because we offer benefits like technician allowances and incentives unavailable elsewhere.

NBD: Many outsiders are curious — why do companies under Yangtze River Group choose to list in Singapore?

Ren: There are multiple reasons. The core is Singapore’s strategic position in global shipping and maritime finance. Singapore is a major international shipping hub and financial center, gathering numerous shipowners, shipping companies, financial institutions, and industry resources. Its shipping industry chain is highly complete, and international investors have a higher recognition of maritime and shipping-related companies.

Additionally, given the circumstances at the time, Singapore was the most suitable choice. Before listing Yangtze River Shipping, we considered A-shares, Hong Kong stocks, NASDAQ, and SGX. Due to the company’s nature, financial reporting requirements, and geographic location, A-shares, Hong Kong, and NASDAQ were not suitable. Singapore extended an invitation, saying we could use simulated financial statements from the past three years to list within a year.

Objectively, Singapore’s capital market is small and not very active. But our goal wasn’t to raise funds there, so we’re not concerned about these shortcomings. When we listed in Singapore in 2007, we raised over 10 billion yuan, setting a record at the time. Over the years, our dividends paid out have far exceeded that amount.

NBD: After announcing your retirement, you’ve pushed for the listing of Yangtze River Financial Holdings and Yangtze River Maritime. What was your original intention? Why did you insist on doing it yourself?

Ren: Promoting the listing of Financial Holdings and Maritime is a key step in Yangtze River’s transformation from shipbuilding to “shipbuilding + finance + maritime services.” This strategic layout requires deep understanding of industry trends, capital markets, and the company’s own situation. I’ve been in the ship industry for 50 years, familiar with shipping, shipbuilding, and maritime finance supply chains, and have accumulated rich international resources and capital market experience. Leading these efforts personally allows me to better grasp the direction, integrate resources, and ensure smooth progress of the listing.

NBD: What are the future strategies for Yangtze River Financial Holdings and Yangtze River Maritime?

Ren: In the future, Yangtze River Financial Holdings will generally cease lending business. Its current funds will mainly focus on two things: first, investing three to four tenths of the funds in high-quality stocks with dividend yields over 4.5%, mainly to improve idle fund returns until better investment opportunities arise — a short-term investment approach; second, actively participating in restructuring listed companies. We see 2026 as a “year of opportunity” for restructuring, where we can act as financial investors, strategic investors, or even industrial investors. Our goals for 2026 include continuing to resolve non-performing assets, revitalizing existing assets, and striving for innovation and growth.

As for Yangtze River Maritime, we aim to develop it into a prominent, distinctive, and comprehensive maritime service provider within 3-5 years. It will no longer be a dependent business segment of the group but an independent, internationally competitive maritime financial service platform, focusing on maritime investment, ship financing, leasing, refitting, agency, and brokerage.

We position ourselves as financial shipowners. In practice, we usually target a specific ship type, find a European shipowner, and each contribute about 15% and 85% of the funds, respectively, placing orders at Chinese second- or third-tier yards at about 10% below market prices. Using Yangtze’s technology and experienced management, we help these yards deliver quality ships. Many small yards had long halted production, and some large yards and shipowners were hesitant to place orders with them. But relying on Yangtze’s experience and talent, we are confident in delivering on time and quality, and many second- and third-tier yards also benefit.

Currently, we cooperate with about 50 ships outside, with ship types that are marketable, and the drawings are ready. Once built, if sold, we share profits with European shipowners according to investment ratios; if not sold, the shipowners can take the ships back for their own operation.

NBD: How do you rate Ren Letian’s performance as your successor over these years?

Ren: I’d give him 80 points. With my support, he’s already doing very well. But for long-term development, he still has room to grow.

I often tell people that one of my most successful endeavors is effective succession. Since 2020, I’ve handed over the entire shipbuilding business to my son. It’s proven that he’s inherited well. You must know, shipbuilding is a tough industry. It’s rare for the second generation to work honestly and diligently in the factory every day for eight hours.

NBD: From your and your son Ren Letian’s roles in the group, it seems you are the one fighting on the front lines, while he is the inheritor.

Ren: I think it’s related to how I’ve raised him. I set rules: start from the grassroots, avoid financial involvement. After graduate studies, Ren Letian worked in our shipyard, starting from the workshop. His first-month salary was 2,500 yuan. He worked his way up from translator to construction worker, workshop supervisor, production manager, and subsidiary general manager…

These grassroots experiences have benefited him greatly: he understands the business and can’t be fooled easily; he’s good at rallying people — many capable assistants around him were cultivated in the workshop. Letting him inherit the business also allows him to combine his computer knowledge with on-site production. For example, he once used IoT to coordinate forklift operations, greatly improving efficiency and reducing costs.

Many second-generation entrepreneurs today avoid factories, preferring financial investments. Financial work can be done with 1 million yuan quickly, while factory work requires accumulating small amounts over time, with different profit challenges. Not involving finance keeps him pragmatic. Of course, he also has shortcomings — for example, the hundreds of billions in cash on the shipyard’s books just sit there.

He’s succeeded in shipbuilding, but someone must innovate. I want to contribute my remaining energy. While the older generation focuses on real industry, the younger generation tends to innovate — we are the opposite.

NBD: You have a famous saying, “The ocean doesn’t dry up, shipbuilding never stops.” In the latest Hurun Global Rich List, you and your family are among the top 1,200 worldwide. Wealth may just be a number now. What keeps you motivated to keep “tinkering”?

Ren: As you said, at this stage, wealth is no longer my main motivation. What drives me forward is my passion and sense of responsibility for the ship industry. I’ve built ships for 50 years, witnessing China’s shipbuilding rise from weakness to strength. Yangtze River Group grew from a local yard to an internationally competitive enterprise. I can’t let go of this feeling.

Second, I think long-term about the company’s development. I’ve set up several trusts with my main shares — some for the family, some for employees, used for incentives, charity, and talent recruitment. About 70-80% of key staff in the yard receive dividends beyond their basic salaries. This stability has laid a foundation for steady growth, refined management, and family culture. People are inherently self-interested and profit-driven; without this foundation, morale can waver.

Finally, the excitement of industry opportunities keeps me motivated. Making money is a hobby, a learning experience, and an exhilarating feeling. Market opportunities like maritime finance, green shipbuilding, and others are still abundant. China’s global advantage in shipbuilding can be further expanded. Seizing these opportunities to make Yangtze River Group bigger and stronger gives me unmatched satisfaction.

On the eve of his 70th birthday, Ren Yuanlin wrote an autobiography at a friend’s suggestion, recording in hundreds of thousands of words how he and Yangtze River Shipbuilding rose step by step to the forefront of the global shipbuilding industry over the past decades.

The story begins with a childhood love for playing by the river. “Back then, ships on the Yangtze were small but loud, with big ‘puff puff puff’ sounds echoing from afar… Occasionally, a large ship would pass by, looking very majestic. I would wave my arms and shout loudly: ‘Big ship coming! Big ship coming!’”

Ren Yuanlin didn’t know why he was so excited at the time. “Maybe, it was destiny,” he thought.

“For Yangtze River Shipbuilding, crises, warnings, reforms, innovations, survival, tests, learning, and growth are always on the way.”

This biography was completed in 2024. In the postscript, Ren Yuanlin recounts his journey: honors and criticisms, successes and failures, experiences and lessons — all vividly remembered, intertwined with bitterness and sweetness. “Good things make you happy; hardships make you strong; bad things make you broad-minded… There’s a saying: everyone has their own crossing and their own boat,” he says.