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DBS maintains ' buy' on Yangzijiang after plans to take 10% stake in ' landlord of the ocean'
DBS Group Research has maintained its " buy" call and $4.55 target price for Yangzijiang Shipbuilding after news that it plans to acquire a 10% stake in one of its long-time customers, which accounts for around 10 to 15% of its order book.
Under terms of a deal announced on March 10, Yangzijiang will pay US$825.7 million in cash for the stake in Poseidon Corp, indirect parent company of the customer, Seaspan Corp. The acquisition will be funded entirely from Yangzijiang' s existing net cash of some US$3 billion.
Seaspon Corp is described as the world&rsquo s largest independent containership lessor, leasing out ships to shipping lines on multi-year fixed rates, which provides clear cash flow visibility. DBS calls it the " landlord" of the ocean.
DBS says Seaspan is the world&rsquo s largest independent containership lessor with a young, scaled fleet of 190 vessels totalling 1.92 million TEU, equivalent to around 6% of global containership capacity and around 14% market share of leased containerships.
Yangzijiang explains that by taking this strategic stake in a major customer, it can have better visibility on the industry dynamics, as it will have a board seat upon completion of the deal.
In parallel, an entity privately controlled by Yangzijiang' s executive chairman Ren Letian, is taking a separate 5% stake in Poesidon Corp as well.
Seaspan&rsquo s earnings have compounded strongly in the past five years, with PATMI rising from US$134 million in FY2020 to US$740 million in FY2025 as the fleet grew from 127 to 190 ships and from 1.07 million to 1.92 million TEU, supported by strong container markets and long-term contract coverage.
DBS says that Seaspon has a clear growth path ahead with 70 vessels on order, which will increase its fleet size by 36% to 2.62 million TEU by FY2028, providing earnings growth visibility over the next three years.
At the purchase price of US$825.7 million, the deal is valued at 1.8x Seaspan' s FY2025 book value of US$459 million, and 11.2x its FY2025 net profit of US$74 million.
From the perspective of DBS, this deal seems " justifiable" given the ROE of around 17% and 21% earnings CAGR during 2021-2025 and potential 10% CAGR ahead, backed by fleet growth.
DBS estimates that the acquisition will accrete annualised profit of over RMB 300 million, or 3% of Yangzijiang' s bottom line, and lift ROE by 0.8 percentage points.
" More importantly, the investment strengthens a long‑ standing shipowner relationship and supports vertical integration along the containership value chain.
" Being on the board of a large, growing and relatively young fleet owner gives Yangzijiang line‑ of‑ sight into replacement and growth needs, improving orderbook visibility and reducing yard cyclicality," says DBS.
DBS Group Research has maintained its " buy" call and $4.55 target price for Yangzijiang Shipbuilding after news that it plans to acquire a 10% stake in one of its long-time customers, which accounts for around 10 to 15% of its order book.
Under terms of a deal announced on March 10, Yangzijiang will pay US$825.7 million in cash for the stake in Poseidon Corp, indirect parent company of the customer, Seaspan Corp. The acquisition will be funded entirely from Yangzijiang' s existing net cash of some US$3 billion.
Seaspon Corp is described as the world&rsquo s largest independent containership lessor, leasing out ships to shipping lines on multi-year fixed rates, which provides clear cash flow visibility. DBS calls it the " landlord" of the ocean.
DBS says Seaspan is the world&rsquo s largest independent containership lessor with a young, scaled fleet of 190 vessels totalling 1.92 million TEU, equivalent to around 6% of global containership capacity and around 14% market share of leased containerships.
Yangzijiang explains that by taking this strategic stake in a major customer, it can have better visibility on the industry dynamics, as it will have a board seat upon completion of the deal.
In parallel, an entity privately controlled by Yangzijiang' s executive chairman Ren Letian, is taking a separate 5% stake in Poesidon Corp as well.
Seaspan&rsquo s earnings have compounded strongly in the past five years, with PATMI rising from US$134 million in FY2020 to US$740 million in FY2025 as the fleet grew from 127 to 190 ships and from 1.07 million to 1.92 million TEU, supported by strong container markets and long-term contract coverage.
DBS says that Seaspon has a clear growth path ahead with 70 vessels on order, which will increase its fleet size by 36% to 2.62 million TEU by FY2028, providing earnings growth visibility over the next three years.
At the purchase price of US$825.7 million, the deal is valued at 1.8x Seaspan' s FY2025 book value of US$459 million, and 11.2x its FY2025 net profit of US$74 million.
From the perspective of DBS, this deal seems " justifiable" given the ROE of around 17% and 21% earnings CAGR during 2021-2025 and potential 10% CAGR ahead, backed by fleet growth.
DBS estimates that the acquisition will accrete annualised profit of over RMB 300 million, or 3% of Yangzijiang' s bottom line, and lift ROE by 0.8 percentage points.
" More importantly, the investment strengthens a long‑ standing shipowner relationship and supports vertical integration along the containership value chain.
" Being on the board of a large, growing and relatively young fleet owner gives Yangzijiang line‑ of‑ sight into replacement and growth needs, improving orderbook visibility and reducing yard cyclicality," says DBS.
YZJ NEW ORDERS WON AS AT 11/3 FOR 2XMR WORTH US$90
$YZJ Shipbldg SGD (BS6.SG)$
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EuropeTankers
d?Amico grows orderbook to 10 ships with latest MR2 order
Adis AjdinMarch 12, 2026
0 68 1 minute read
D?Amico
Italian product tanker owner d?Amico International Shipping (DIS) has expanded its newbuilding programme in China, ordering two additional MR2 tankers at Jiangsu New Yangzi Shipbuilding.
The Milan- and OTCQX-listed company said its operating unit, d?Amico Tankers, has exercised options for the pair of 50,000 dwt vessels under a shipbuilding contract signed earlier this year.
The ships will cost $45.4m each and are scheduled for delivery in August and October 2029.
YZJ NEW SHIP ORDER WON AS AT 10/3 FOR 4+4 1,900TEU WORTH US$240M
$YZJ Shipbldg SGD (BS6.SG)$
4+4?艘 1900TEU集 装 箱 船 刚 刚 正 式 签 约 ！ 锦 江 航 运 眼 光 老 道 选 中 扬 子 江 ！
Original Seaway君 Seaway君 Seawaymaritime
2026年 3月 11日 18:51 听 全 文
2026年 3月 10日 ， 锦 江 航 运 （ 601083） 与 江 苏 新 扬 子 造 船 有 限 公 司 在 江 苏 泰 州 隆 重 举 行 "4+4"艘 1900箱 集 装 箱 船 建 造 合 同 签 约 仪 式 。 上 海 国 际 港 务 （ 集 团 ） 股 份 有 限 公 司 副 总 裁 杨 智 勇 出 席 仪 式 ， 中 国 船 级 社 、 上 海 船 舶 研 究 设 计 院 等 单 位 共 同 见 证 这 一 重 要 时 刻 。
YZJ- TO THE MOON
$YZJ Shipbldg SGD (BS6.SG)$
Most likely this deal will go to YZJ since both (YZJ & ONE NETWORK) are shareholders of SEASPAN in the latest YZJ 10% share acquisition and ONE increases share holding to 48.6% in the recent news concurrently.
22艘 、 近 300亿 ！ 又 一 笔 LNG双 燃 料 箱 船 大 单
Original 龙 de船 人 龙 de船 人 龙 de船 人
2026年 3月 10日 20:07 5人
尽 管 集 装 箱 运 费 已 进 入 下 行 阶 段 ， 但 全 球 班 轮 航 运 公 司 的 新 船 订 购 热 潮 仍 未 消 退 。
韩 媒 消 息 ， 日 本 海 洋 网 联 船 务 （ ONE） 宣 布 将 订 造 总 计 22艘 、 价 值 42亿 美 元 （ 约 合 人 民 币 290亿 元 ） 的 液 化 天 然 气 （ LNG） 双 燃 料 动 力 集 装 箱 船 。
该 造 船 项 目 涵 盖 两 种 新 船 规 格 ： 6+6艘 13000TEU级 和 6+4艘 15000TEU级
Yangzijiang Shipbuilding to invest US$825.7 mil for 10% stake in longtime customer Seaspan Corp
Yangzijiang Shipbuilding plans to pay US$825.7 million to take a 10% stake in a key customer, charter owner Seaspan Corporation, which has been giving it shipbuilding orders for around two decades.
According to Yangzijiang, this acquisition will " further strengthen" its " strategic relationship" with Singapore-based Seaspan and " support closer long-term collaboration" .
Yangzijiang says that by owning this stake in this regular customer, it " enhances alignment" between vessel demand and its production planning and yard development strategy.
In addition, Yangzijiang will gain closer access to end-market dynamics, gather better market intelligence and be more responsive to customer demand.
The deal is also seen as a way to use Yangzijiang' s surplus funds in a " long-term strategic investment with relatively stable return characteristics."
This acquisition is part of a bigger deal where shareholders of an entity called Poseidon Corp are selling 34% of the stake to other investors. Seaspan is an indirect subsidiary of Poseidon. It owns the world' s largest containership fleet of 227 vessels with a total carrying capacity of 2.4 million TEU.
In parallel and in conjunction to this deal, Hengyuan Asset Investment, a privately held entity controlled by Ren Letian, executive chairman of Yangzijiang, is taking a 5% stake.
In its SGX announcement, Yangzijiang notes that the book value of its 10% stake to be acquired is US$459 million as at Dec 31 2025, and that the NTA is around US$452 million.
Citing a valuation done by Kroll, the interest is valued at US$660.6 million to US$810.9 million.
According to Yangzijiang, it believes the premium it is paying over valuation is justified as it takes into account " the broader strategic and commercial benefits" of " long-term alignment with a significant customer" .
In a pro forma basis, assuming the acquisition was completed on Jan 1 2025, Yangzijiang' s profit per share would have improved to RMB2.3219, from RMB2.1923.
Yangzijiang will pay for this deal entirely using its own cash. Upon completion of the deal, it expects to remain in a net cash position.
Yangzijiang Shipbuilding shares closed at $4.05, down 1.22%.
Yangzijiang Shipbuilding plans to pay US$825.7 million to take a 10% stake in a key customer, charter owner Seaspan Corporation, which has been giving it shipbuilding orders for around two decades.
According to Yangzijiang, this acquisition will " further strengthen" its " strategic relationship" with Singapore-based Seaspan and " support closer long-term collaboration" .
Yangzijiang says that by owning this stake in this regular customer, it " enhances alignment" between vessel demand and its production planning and yard development strategy.
In addition, Yangzijiang will gain closer access to end-market dynamics, gather better market intelligence and be more responsive to customer demand.
The deal is also seen as a way to use Yangzijiang' s surplus funds in a " long-term strategic investment with relatively stable return characteristics."
This acquisition is part of a bigger deal where shareholders of an entity called Poseidon Corp are selling 34% of the stake to other investors. Seaspan is an indirect subsidiary of Poseidon. It owns the world' s largest containership fleet of 227 vessels with a total carrying capacity of 2.4 million TEU.
In parallel and in conjunction to this deal, Hengyuan Asset Investment, a privately held entity controlled by Ren Letian, executive chairman of Yangzijiang, is taking a 5% stake.
In its SGX announcement, Yangzijiang notes that the book value of its 10% stake to be acquired is US$459 million as at Dec 31 2025, and that the NTA is around US$452 million.
Citing a valuation done by Kroll, the interest is valued at US$660.6 million to US$810.9 million.
According to Yangzijiang, it believes the premium it is paying over valuation is justified as it takes into account " the broader strategic and commercial benefits" of " long-term alignment with a significant customer" .
In a pro forma basis, assuming the acquisition was completed on Jan 1 2025, Yangzijiang' s profit per share would have improved to RMB2.3219, from RMB2.1923.
Yangzijiang will pay for this deal entirely using its own cash. Upon completion of the deal, it expects to remain in a net cash position.
Yangzijiang Shipbuilding shares closed at $4.05, down 1.22%.
DBS Group Research has maintained its
" buy" call and $4.55 target price for Yangzijiang Shipbuilding after news that it plans to acquire a 10% stake in one of its long-time customers, which accounts for around 10 to 15% of its order book.
Under terms of a deal announced on March 10, Yangzijiang will pay US$825.7 million in cash for the stake in Poseidon Corp, indirect parent company of the customer,
Yangzijiang Shipbuilding to invest US$825.7 mil for 10% stake in longtime customer Seaspan Corp
Yangzijiang Shipbuilding plans to pay US$825.7 million to take a 10% stake in a key customer, charter owner Seaspan Corporation, which has been giving it shipbuilding orders for around two decades.According to Yangzijiang, this acquisition will " further strengthen" its " strategic relationship" with Singapore-based Seaspan and " support closer long-term collaboration" .
Yangzijiang says that by owning this stake in this regular customer, it " enhances alignment" between vessel demand and its production planning and yard development strategy.In addition, Yangzijiang will gain closer access to end-market dynamics, gather better market intelligence and be more responsive to customer demand.
The deal is also seen as a way to use Yangzijiang' s surplus funds in a " long-term strategic investment with relatively stable return characteristics."
This acquisition is part of a bigger deal where shareholders of an entity called Poseidon Corp are selling 34% of the stake to other investors. Seaspan is an indirect subsidiary of Poseidon. It owns the world' s largest containership fleet of 227 vessels with a total carrying capacity of 2.4 million TEU.
In parallel and in conjunction to this deal, Hengyuan Asset Investment, a privately held entity controlled by Ren Letian, executive chairman of Yangzijiang, is taking a 5% stake
In its SGX announcement, Yangzijiang notes that the book value of its 10% stake to be acquired is US$459 million as at Dec 31 2025, and that the NTA is around US$452 million.
Citing a valuation done by Kroll, the interest is valued at US$660.6 million to US$810.9 million.
According to Yangzijiang, it believes the premium it is paying over valuation is justified as it takes into account " the broader strategic and commercial benefits" of " long-term alignment with a significant customer" .
In a pro forma basis, assuming the acquisition was completed on Jan 1 2025, Yangzijiang' s profit per share would have improved to RMB2.3219, from RMB2.1923.
Yangzijiang will pay for this deal entirely using its own cash. Upon completion of the deal, it expects to remain in a net cash position.
At the same time... ONE is increasing their stake too
https://gcaptain.com/one-moves-closer-to-controlling-stake-in-worlds-largest-ship-lessor-seaspan/
https://gcaptain.com/one-moves-closer-to-controlling-stake-in-worlds-largest-ship-lessor-seaspan/
Louistan ( Date: 11-Mar-2026 09:01) Posted:
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They overpaid slightly but they said it is ok as it is for strategic reasons. Believe it will bring them more business.
ETSJ77 ( Date: 11-Mar-2026 08:46) Posted:
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They indicated it as USD825m
Can forumer calculate what is the purchased price ? not mentioned leh.....YZJ keep secret ?
JurongW ( Date: 10-Mar-2026 22:09) Posted:
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PROPOSED ACQUISITION OF 10% INTEREST IN POSEIDON CORP. (" POSEIDON" )
https://links.sgx.com/1.0.0/corporate-announcements/3D3M98L98SXUZ02I/877992_YZJ%20Announcement_Poseidon.pdf
https://links.sgx.com/1.0.0/corporate-announcements/3D3M98L98SXUZ02I/877992_YZJ%20Announcement_Poseidon.pdf
YZJ- LATEST UPDATES OF NEW TPs of ANALYSTS
$YZJ Shipbldg SGD (BS6.SG)$
CGSI (LIM SIEW KEE)-$4.95
DBS ( HO PEI HWA)-$4.55
UOBKH (ADRIAN LOH)-$4.60
NEXT RUN WILL HIT THE LAST HURDLE OF CGSI TP OF $4.95.
EVEN PRICE AT $5 THE DIV RATE OF $0.20 IS 4%.
EQUAL TO SPECIAL ACCOUNT RATE OF CPF.
Possible but $3.92 is a must.
vicloo ( Date: 07-Mar-2026 09:12) Posted:
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📊 Yangzijiang Shipbuilding Outlook for 2026
1️ Strong earnings momentum continues
The company just reported record profits in 2025, showing strong operating performance.
🚢 2️ Massive orderbook gives revenue visibility
One of YZJ biggest strengths is its backlog.
👉 This backlog is the main reason analysts remain bullish on YZJ
1️ Strong earnings momentum continues
The company just reported record profits in 2025, showing strong operating performance.
- Net profit: RMB 8.6B (+30% YoY)
- Revenue: RMB 28.5B (+7.4% YoY)
- Gross margin improved to 34.2%.
- Higher shipbuilding contract prices
- Lower raw material (steel) costs
- Efficient vessel delivery schedule.
🚢 2️ Massive orderbook gives revenue visibility
One of YZJ biggest strengths is its backlog.
- Orderbook: ~US$22.4B
- 245 vessels
- Deliveries scheduled 2026 2030.
- Production slots are already filled for several years
- Revenue visibility is very high.
👉 This backlog is the main reason analysts remain bullish on YZJ
xd likely hit under 3.8
Iceycoke ( Date: 04-Mar-2026 18:28) Posted:
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Yangzijiang promises quality earnings,
dividend growth and inexpensive valuation
In FY2025, the company delivered a total of 56 vessels on schedule, helping generate revenue of RMB28.5 billion ($5.3 billion), an increase of 7.4% y-o-y.
However, with a jump in overall gross margin of 5.5
A percentage points to 34.2%, and a record shipbuildi... margin of 35.1%, an increase of 7.3 percentage poir thanks to lower raw material costs and higher price:
If Yangzijiang increased its earnings by 30.2% y-o-y to RMB8.64 billion.
Profit-taking and bound for correction i guess.
Wait at lower price. Below $4
Q n withdraw buy at 4.25 then suddenly climbed back missed my opportunity to buy...