On May 30, Yangzijiang Shipbuilding (Holdings) Ltd. announced that it had completed the acquisition of a 10% equity stake in Poseidon, the holding firm of Seaspan – the world’s largest independent container shipowner – on May 29, 2026 in compliance with the terms stipulated under the Equity Purchase Agreement. The deal marks the commencement of in-depth strategic cooperation between Yangzijiang Shipbuilding and Seaspan.
With the completion of the acquisition, Jiangsu Yangzijiang Shipbuilding now holds a 10% stake in Poseidon, and Poseidon has officially become an associate of the Yangzijiang Shipbuilding Group. Under the terms of the agreement, Yangzijiang Shipbuilding has secured a seat on the board of directors and standard minority shareholder protections, including preemptive rights to certain share transfers, preemptive subscription rights, tag-along rights, and other reserved rights.
Yangzijiang Shipbuilding has now entered into a second amended and restated shareholders’ agreement with Poseidon and other shareholders to govern the rights and obligations of all Poseidon shareholders following the completion of the acquisition.
The acquisition by Yangzijiang Shipbuilding was completed after several months. On March 10, 2026, Yangzijiang Shipbuilding announced that it had entered into an agreement with certain affiliates of Fairfax Financial Holdings and certain affiliates of the Washington family (collectively, the “Sellers”) to acquire a 10% equity stake in Poseidon.
Pursuant to the Share Purchase Agreement, Yangzijiang Shipbuilding agreed to acquire a total of 29,175,274 shares of Poseidon from the seller for a total consideration of $825.7 million, with the entire amount funded by Yangzijiang Shipbuilding’s internal cash reserves. As of the date of the latest announcement, Yangzijiang Shipbuilding has paid the full purchase price in cash and successfully completed the transfer of shares.
It is worth noting that the transaction completed by Yangzijiang Shipbuilding is part of a deal involving the transfer of up to 34% of Poseidon’s total equity.
According to an announcement released by Yangzijiang Shipbuilding dated March 10, Hengyuan Asset Investment, a private investment vehicle wholly-owned and controlled by Ren Letian, Chairman and Chief Executive Officer of Yangzijiang Shipbuilding, proposes to acquire a 5% equity interest in Poseidon on substantially identical terms as those applicable to Yangzijiang Shipbuilding’s acquisition.
Prior to this, Hengyuan Asset Investment did not hold any existing equity interest in Poseidon. Furthermore, no joint venture or joint investment agreement or arrangement has been entered into between Yangzijiang Shipbuilding and Hengyuan Asset Investment, nor have the parties established a separate joint venture entity for the purpose of investing in Poseidon. Both Yangzijiang Shipbuilding and Hengyuan Asset Investment are investing in Poseidon in their respective capacities as legal entities, in accordance with their own business objectives.
In addition, ONE announced on March 10 that it had increased its stake in Poseidon, bringing its ownership to 48.9%.
It is understood that Poseidon is the holding company of Seaspan, the world’s largest independent container shipowner, which is wholly owned by Atlas, which in turn is wholly owned by Poseidon.
Seaspan primarily leases the container ships in its fleet to major container liner companies under long-term time-charter agreements and is a long-standing and important client of Yangzijiang Shipbuilding. Yangzijiang Shipbuilding believes that this acquisition will strengthen its strategic relationship with Seaspan and support closer long-term cooperation.