- Starting off the year with positive order momentum – Last week, Yangzijiang Shipbuilding announced that it had won orders for 22 vessels worth US$0.98b in 1Q26, comprising 17 containerships, four oil tankers and one bulk carrier, with deliveries stretching into 2029.
- - Read this at SGinvestors.io -
Strategic investment in Seaspan, via Poseidon.
- As announced in mid-Mar 26, Yangzijiang will spend US$825.7m to acquire a 10% stake in Poseidon which is the holding company of Seaspan, one of the world’s largest containership lessors.
- - Read this at SGinvestors.io -
Acquiring at a premium for strategic considerations.
- The acquisition price implies a valuation above a third party’s assessed range of US$661m-811m (i.e. 2-25% premium to fair value) and around 1.8x book value based on Poseidon’s NTA of US$459m. While financially full, we believe that the premium reflects strategic considerations, including securing alignment with Yangzijiang’s key customer, Seaspan, and likely enhances order visibility going forward.
- According to the company, the acquisition would have increased 2025 pro forma net profit by around 5%.
Strategic positioning.
- Read more at SGinvestors.io.
