<p><strong>該造船商表示訂單勢頭已 “從高峰回落”。</strong></p>
<p>揚子江船業（控股）有限公司對新加坡證券投資者協會的詳細回覆揭示了造船週期放緩的早期跡象，儘管該集團努力為備受關注的收購及其董事會做法辯護。</p>
<p>在 4 月 25 日的交易所公告中，該造船商表示訂單勢頭已 “從高峰回落”，儘管其船廠的訂單基本上已排滿至 2029 年，提供了近期的盈利可見性。</p>
<p>該公司補充説，如果市場條件惡化，它準備閒置部分生產能力。</p>
<p>隨着新船價格下滑和投入成本正常化，利潤率也預計將面臨壓力，這表明即使在訂單量下降之前，盈利能力可能會減弱。</p>
<p>關於擬議收購 Poseidon Corp.的問題，特別是其估值和時機，也引起了關注。</p>
<p>揚子江表示，該交易將加深與其主要客户之一 Seaspan 的關係，提高訂單可見性，並允許更大程度地參與船隊更新決策，包括替代燃料的採用。</p>
<p>董事會表示，它依賴於獨立的估值方法，包括折現現金流分析，並指出該交易是在與其他買家以一致價格進行的。</p>
<p>此外，該集團表示，迄今為止尚未看到中東衝突對訂單或交付的直接干擾，儘管正在監測對油輪需求和原材料成本的潛在連鎖反應。</p>
<p>與 SIAS 的交流還突顯了治理問題，包括提議增加董事費用。</p>
<p>揚子江表示，未為 2025 財年聘請外部薪酬顧問，而是依賴於使用公開可用數據進行的內部基準測試。</p>
<p>它還保持了長期以來對非執行董事支付統一費用的做法，認為責任是共享的，並在董事會之間定期輪換。</p>

揚子江船業

<p>揚子江船業（控股）有限公司報告了訂單動能的放緩，儘管其船廠的訂單已排到 2029 年，確保了短期收益的可見性。公司準備在市場條件惡化時暫時停產，預計利潤率將受到新船價格下滑的壓力。擬議收購 Poseidon Corp.旨在加強與 Seaspan 的聯繫並提升訂單可見性。揚子江未受到中東衝突的干擾，但正在監測潛在影響。關於董事薪酬提出了治理問題，公司依賴內部基準進行 2025 財年的評估</p>

<p><strong>The shipbuilder said order momentum has “moderated from its peak.”</strong></p>
<div class="lb-trans"><p><strong>該造船商表示訂單勢頭已 “從高峰回落”。</strong></p>
</div><p>Yangzijiang Shipbuilding (Holdings) Ltd.’s detailed replies to the Securities Investors Association (Singapore) have revealed early signs of a moderating shipbuilding cycle, even as the group moved to justify a closely watched acquisition and its board practices.</p>
<div class="lb-trans"><p>揚子江船業（控股）有限公司對新加坡證券投資者協會的詳細回覆揭示了造船週期放緩的早期跡象，儘管該集團努力為備受關注的收購及其董事會做法辯護。</p>
</div><p>In a bourse filing on 25 April, the shipbuilder said order momentum has “moderated from its peak,” although its yards remain largely booked through 2029, providing near-term earnings visibility.</p>
<div class="lb-trans"><p>在 4 月 25 日的交易所公告中，該造船商表示訂單勢頭已 “從高峰回落”，儘管其船廠的訂單基本上已排滿至 2029 年，提供了近期的盈利可見性。</p>
</div><p>The company added that it is prepared to idle selected production capacity if market conditions weaken.</p>
<div class="lb-trans"><p>該公司補充説，如果市場條件惡化，它準備閒置部分生產能力。</p>
</div><p>Margins are also expected to come under pressure as newbuild prices soften and input costs normalise, suggesting profitability could ease even before order volumes decline.</p>
<div class="lb-trans"><p>隨着新船價格下滑和投入成本正常化，利潤率也預計將面臨壓力，這表明即使在訂單量下降之前，盈利能力可能會減弱。</p>
</div><p>Questions on the proposed acquisition of Poseidon Corp., particularly its valuation and timing, have also been asked.</p>
<div class="lb-trans"><p>關於擬議收購 Poseidon Corp.的問題，特別是其估值和時機，也引起了關注。</p>
</div><p>Yangzijiang said the deal would deepen ties with Seaspan, one of its key customers, improving order visibility and allowing greater participation in fleet renewal decisions, including alternative fuel adoption.</p>
<div class="lb-trans"><p>揚子江表示，該交易將加深與其主要客户之一 Seaspan 的關係，提高訂單可見性，並允許更大程度地參與船隊更新決策，包括替代燃料的採用。</p>
</div><p>The board said it relied on independent valuation methods, including discounted cash flow analysis, and noted that the transaction was conducted alongside other buyers at a consistent price.</p>
<div class="lb-trans"><p>董事會表示，它依賴於獨立的估值方法，包括折現現金流分析，並指出該交易是在與其他買家以一致價格進行的。</p>
</div><p>Moreover, the group said it has not seen direct disruption from the ongoing Middle East conflict on orders or deliveries so far, although it is monitoring potential knock-on effects on tanker demand and raw material costs.</p>
<div class="lb-trans"><p>此外，該集團表示，迄今為止尚未看到中東衝突對訂單或交付的直接干擾，儘管正在監測對油輪需求和原材料成本的潛在連鎖反應。</p>
</div><p>The exchange with SIAS also highlighted governance issues, including a proposed increase in directors’ fees.</p>
<div class="lb-trans"><p>與 SIAS 的交流還突顯了治理問題，包括提議增加董事費用。</p>
</div><p>Yangzijiang said it did not appoint an external remuneration consultant for FY2025, instead relying on internal benchmarking using publicly available data.</p>
<div class="lb-trans"><p>揚子江表示，未為 2025 財年聘請外部薪酬顧問，而是依賴於使用公開可用數據進行的內部基準測試。</p>
</div><p>It also maintained its long-standing approach of paying uniform fees to non-executive directors, arguing that responsibilities are shared and periodically rotated across the board.</p>
<div class="lb-trans"><p>它還保持了長期以來對非執行董事支付統一費用的做法，認為責任是共享的，並在董事會之間定期輪換。</p>
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揚子江船業的週期性變化，波塞冬交易成為焦點