Yangzijiang Maritime posts 29% drop in H1 net profit to US$44.9 million

[SINGAPORE] Yangzijiang Maritime posted a 29 per cent drop in net profit to US$44.9 million for the first half ended Jun 30, 2026, from US$63.5 million in the year-ago period.

This came despite a 49 per cent year-on-year increase in total income to US$81.6 million, from US$54.6 million, supported by stronger contributions from its maritime fund assets.

However, earnings were dragged down by higher operating expenses associated with expanding its maritime fund assets, as well as foreign exchange losses.

Earnings per share dropped to US$0.0129, from US$0.0183 in the previous corresponding period.

No dividend was declared for the half-year, as the group maintains a policy of declaring dividends on an annual basis.

Income from maritime fund assets grew 64 per cent year on year to about US$50 million, from US$30.4 million. This was driven by higher charter income of US$23.8 million in H1 FY2026, as well as higher interest income from finance leases of US$21.4 million.

On the expense side, total expenses jumped 152 per cent to US$32.7 million in H1 FY2026, from US$13 million a year earlier.

Operating costs of maritime fund assets increased to US$26.9 million from US$9.4 million, due to higher voyage costs resulting from elevated oil prices, increased transit fees, changes in chartering strategy, and higher vessel depreciation.

The group also logged other losses of US$5.6 million, reversing from other gains of US$16.1 million in H1 FY2025, due mainly to currency revaluation losses on financial assets.

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Net asset value per share of the group stood at US$0.4747 as at Jun 30, 2026, compared with US$0.4657 as at Dec 31, 2025.

The company expects the maritime industry to experience continued structural shifts, driven by tighter capital conditions in Western markets and accelerating decarbonisation requirements from the International Maritime Organization.

The counter ended Tuesday at S$0.645, up 4 per cent or S$0.025, prior to the results release.