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In its 1Q26 business update, Yangzijiang Shipbuilding disclosed that it won US$1.03b in new orders or 23% of its 2026 target of US$4.5b, which we view as in line given the lumpiness of such orders. The orders for 24 vessels continue to be skewed to 19 containerships with another four oil tankers and one bulk carrier as well.
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Operationally robust.
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In 1Q26, Yangzijiang delivered 17 of its 58 targeted vessels (or 29% completion rate) that included three containerships, eight bulk carriers and six oil and/or chemical tankers. We also note that the company’s exposure to bulk carrier shipping via its ownership of 27 bulk carriers totalling 1.95m DWT should prove to be financially rewarding in 1H26, given that bulk carrier rates have trending firmly upward according to industry data.
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Strong orderbook visibility maintained.
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