Yangzijiang Shipbuilding Plans to Buy 10% Stake in Poseidon for Around $826 Million

By Megan Cheah

China-based Yangzijiang Shipbuilding plans to buy a 10% stake in the holding company that owns containership owner and operator Seaspan Corp. for $825.7 million.

Yangzijiang said Tuesday that it is buying the stake in Poseidon from affiliates of Canada's Fairfax Financial and the Washington Family.

The acquisition forms part of a broader transaction involving the sale of up to 34% equity interest in Poseidon, of which Yangzijiang will acquire a 10% equity interest as a minority investor, the Singapore-listed shipbuilder said.

Canadian insurance and investment management Fairfax Financial said Tuesday that it is selling part of its interest in Poseidon for about $1.91 billion, but will continue to retain around 22% stake.

Poseidon is the holding company of Singapore-incorporated Seaspan, which owns and operates containerships. Seaspan is a long-term customer of Yangzijiang, and the latter expects the deal to strengthen collaboration between the two companies.

The investment is expected to enhance alignment between vessel demand and Yangzijiang's production planning and yard development strategy, Yangzijiang said.

"The acquisition will also provide the group with closer access to end-market dynamics, enabling better market intelligence and responsiveness to customer demand," it added. It intends to fund the transaction with internal cash resources.

Yangzijiang also disclosed that Hengyuan Asset Investment, a private investment vehicle controlled by its executive chair and chief executive Ren Letian, is buying a 5.0% stake in Poseidon as part of the wider deal.

The deals are subject to regulatory and other approvals.

Write to Megan Cheah at megan.cheah@wsj.com

(END) Dow Jones Newswires

March 10, 2026 20:51 ET (00:51 GMT)