en.Wedoany.com Reported - Yangzijiang Shipbuilding has completed the acquisition of a 10% stake in Poseidon, the parent company of maritime asset operator Seaspan, for $825.7 million. The investment, initially announced in March 2026, aims to bring the shipyard closer to key clients and gain direct insight into end-market dynamics, which is said to help obtain better market intelligence.

When the Yangzijiang Shipbuilding board approved the investment, it stated the expectation of strengthening long-term customer relationships and supporting closer collaboration. The investment will also support a vertical integration strategy, enabling the shipyard to better align vessel demand with the group's production plans and dock development strategy.

The company previously stated that it intends to use the remaining funds for long-term strategic investments to achieve reliable and stable returns. Although the valuation range set by an independent financial advisor was below this price, the board approved the transaction based on broader strategic and commercial interests.

Seaspan was founded in 2000, initially primarily cooperating with China COSCO Shipping and Yang Ming Marine Transport, which together accounted for approximately 60% of its business volume. By 2023, Seaspan had diversified, partnering with companies such as ONE, ZIM, Mediterranean Shipping Company, and CMA CGM. As of March 31, 2026, its operating fleet consisted of 247 vessels, with a total capacity of approximately 2.5 million TEU on a pro forma basis after all deliveries under the newbuilding program.

Last year, Seaspan took delivery of the final vessel from its historic 70-vessel newbuilding program and added its first PCTC to the fleet. The company has placed orders for an additional 26 vessels, bringing the second phase of Seaspan's newbuilding program to 56 vessels, to be delivered by mid-2029.

Seaspan was privatized in 2023 by an investment group including management, Fairfax Financial Holdings, and the Washington family, and received an investment from Ocean Network Express (ONE).

Under the terms of the new investment, Yangzijiang Shipbuilding acquired a 10% stake, and Hengyuan Asset Management, controlled by Ren Letian, the shipyard's Executive Chairman and CEO, is expected to acquire an additional 5% stake.

Shares sold by Fairfax and Washington family affiliates totaled up to 34% of Poseidon, while ONE increased its investment. Upon completion of the transaction, Fairfax will hold a 22% stake in Poseidon.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com