Yangzijiang Shipbuilding down 6.1% amid steep fall in Q1 order wins
[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.
After the midday trading break at 1.05 pm, the counter fell to S$2.01, down by 6.1 per cent or S$0.13 from its Thursday closing price of S$2.14, with some 28 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 3.09 pm, with around 36.2 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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