The shipbuilder’s Q1 order wins make up just 5% of its US$6 billion target for FY2025
[SINGAPORE] Shares of Chinese vesselmaker Yangzijiang Shibuilding fell on Friday (May 23) as its Q1 order wins plunged to US$300 million, from US$3.3 billion in the year-ago period.
As at 11.23am, the counter fell to S$2.03, down by 5.1 per cent or S$0.11 from its Thursday closing price of S$2.14, with 21.8 million shares changing hands. This is the lowest price the counter has hit in May, ShareInvestor data shows.
It remained at S$2.03 as at the midday trading break, with some 25 million shares having been transacted.
The marine vessel manufacturer on Thursday reported that its order wins for the first quarter of 2025 amounted to six vessels – around 5 per cent of its US$6 billion target for FY2025.
This was a steep drop from its order wins for the corresponding year-ago period, when it bagged orders for 38 vessels – nearly three-quarters (74 per cent) of its target for that fiscal year.
Yangzijiang Shipbuilding has been caught in the crossfire of US-China tensions this year.
Shares of the counter have been battered ever since the US Trade Representative (USTR) office in February proposed fees of up to US$1.5 million for Chinese-built vessels entering US ports, sparking a massive sell-off that wiped close to a billion dollars off its value.
The counter closed at S$3.22 on Feb 21 before the USTR’s proposal.
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