Cycle turns for Yangzijiang Shipbuilding, Poseidon deal under spotlight
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Yangzijiang Shipbuilding (Holdings) Ltd. reported a moderation in order momentum, although its yards are booked through 2029, ensuring near-term earnings visibility. The company is prepared to idle production if market conditions weaken, with margins expected to face pressure from softening newbuild prices. The proposed acquisition of Poseidon Corp. aims to strengthen ties with Seaspan and enhance order visibility. Yangzijiang has not experienced disruptions from the Middle East conflict but is monitoring potential impacts. Governance issues were raised regarding directors' fees, with the company relying on internal benchmarking for FY2025.
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