Equity Snap: Yangzijiang Shipbuilding (YZJSGD SP): Positive read-across from Clarksons shipyard update

研报英文原文证据摘录

Equity Snap: Yangzijiang Shipbuilding (YZJSGD SP): Positive read-across from Clarksons shipyard update

25 June 2026

Equity Snap: Yangzijiang Equities Machinery

Shipbuilding (YZJSGD SP)

Positive read-across from Clarksons shipyard update China

◆ Clarksons Jan-May data indicates strong demand and pricing Parash Jain*

backdrop, while container mix shifts towards smaller vessels Global Head of Transport & Logistics Research The Hongkong and Shanghai Banking Corporation Limited

parashjain@hsbc.com.hk

+852 2996 6717

Yangzijiang Shipbuilding (YZJSGD SP, SGD3.53, Buy, TP SGD5.00)

Deepak Maurya*, CFA

(Priced as of 24 Jun 2026) Analyst, Asia Transport

The Hongkong and Shanghai Banking Corporation Limited

Below are the key takeaways from Clarksons’ shipyard update for Jan-May and the deepakmaurya@hsbc.com.hk

read-across to YZJ. +852 2822 4292

Bruce Chu*, CFA

Ordering stays strong; YZJ’s constraint is capacity, not enquiries: Jan-May Analyst, Asia Transport

global shipbuilding contracting hit 33.6m CGT, in line with 2024 pace (one of the The Hongkong and Shanghai Banking Corporation Limited bruce.y.h.chu@hsbc.com.hk

strongest years on record). Containership orders remain near-record at 310 ships / +852 2996 6621

9.6m CGT. That fits YZJ’s own commentary that demand persists, but slots are tight Cathy Huang*, CFA

– in its 1Q26 operational update (20 May), YZJ management indicated that its Associate,The HongkongAsiaandTransportShanghai Banking Corporation Limited

earliest delivery slots are around 2029. cathy.m.y.huang@hsbc.com.hk

+852 2996 4506

Mix favours YZJ’s sweet spot. Clarksons also highlights that <8,000 TEU units are

in greater focus – this lines up with YZJ’s current focus on securing small-container * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is