Asset manager increases its stake in the maritime company to over 5%, following recent share acquisition

BlackRock, the world’s largest asset manager overseeing over $10 trillion in assets, has acquired a significant stake in Yangzijiang Shipbuilding, making it one of the company’s substantial shareholders. According to a filing by the shipbuilder on January 7, BlackRock purchased 10.8 million shares of the company on January 3, increasing its interest in Yangzijiang to 5.14%, or approximately 203.2 million shares, up from 4.87% previously.

Yangzijiang Shipbuilding, a prominent player in the maritime vessel industry, was one of the standout performers on the Singapore Exchange in 2024, recording a remarkable 100.7% return on its stock. The company’s strong financial performance for the first half of the year saw net profits soar by 77.2% to 3.1 billion yuan (approximately S$553.7 million), driven largely by robust growth in its shipbuilding business, which contributed 95% of total revenue.

The company also announced a 15.3% increase in revenue, which amounted to 13 billion yuan. In December 2024, Yangzijiang secured shipbuilding contracts worth $2.6 billion, pushing its total order wins for the year to $14.3 billion. These contracts, which will primarily be fulfilled between 2027 and 2029, are not expected to impact the company’s earnings for the fiscal year ending December 31, 2024.

Following the announcement, shares of Yangzijiang Shipbuilding rose by more than 4%, reaching a value of S$3.08 on January 8.