Singapore’s maritime sector sees stronger earnings and business sentiment
The top 10 maritime stocks by return on equity (ROE) have recorded an average ROE of 24.4% as at Sep 30
[SINGAPORE] Rising offshore rates, sustained chartering demand and firm order books are lifting earnings across Singapore’s maritime sector.
Clarksons Research reported that 2026 is on track to be a historically strong year for newbuild contracting, with 2,128 ships ordered in the year to date, double the 10-year average. The medium-term outlook also remains constructive, with maritime trade forecast to grow 2 per cent annually between 2026 and 2030.
The top 10 maritime stocks by return on equity (ROE) recorded an average ROE of 24.4 per cent as at Sep 30. Outperformers include Yangzijiang Shipbuilding, and small and mid-cap names such as Nam Cheong , Beng Kuang Marine , Marco Polo Marine and ASL Marine Holdings .
Yangzijiang Shipbuilding delivered a ROE of 32.2 per cent and a year-to-date total return of 54.5 per cent. The group reported record H1 2026 revenue of 17.5 billion yuan (US$2.6 billion), up 36.2 per cent year-on-year, and net profit growth of 28.4 per cent. Supported by higher-value vessel contracts and a favourable product mix, its order book stood at US$22.4 billion across 256 vessels, providing earnings visibility into 2030.
Nam Cheong recorded the highest ROE among the group at 45.4 per cent, with net profit more than doubling on the back of contributions from both its shipbuilding and vessel chartering businesses. The company expects to add five vessels by year-end, while 71 per cent of its fleet is secured on long-term charters.
In August, RHB Research maintained its “buy” recommendation, citing its promising growth prospects as well as undemanding valuation. Growth is expected to be driven by a larger fleet of vessels, contribution from its new shipbuilding segment, and margin expansion from a more favourable sales mix.
Beng Kuang Marine posted a ROE of 34.1 per cent as stronger engineering and shipbuilding activity lifted H1 2026 net profit by 20.8 per cent year-on-year. The group secured S$85.2 million in new contracts in the first half ended June with S$70.7 million in outstanding contracted work.
In August, UOB Kay Hian maintained its “buy” recommendation and expects re-rating to continue due to the full consolidation of Asian Sealand Offshore and Marine, which would provide a significant earnings uplift in H2 2026, alongside strength in its underlying business and market leadership.
Marco Polo Marine achieved a ROE of 25.9 per cent and is seeking to unlock value from its shipyard business through the proposed reverse takeover of Fuji Offset Plates Manufacturing. The group is also expected to benefit from growth in offshore wind projects and continued fleet expansion.
In September, Maybank Research maintained its “buy” recommendation, noting that the group is entering a rapid-growth phase from FY2026 to FY2030 and will benefit from its diversification away from oil and gas into offshore wind projects, supporting energy security concerns that have been underscored by the Iran-US conflict.
ASL Marine more than doubled full-year net profit to S$33.3 million, driven by stronger chartering performance and lower finance costs. Its shipbuilding and chartering order books stood at approximately S$18 million and S$61 million respectively.
Meanwhile, Seatrium continued its turnaround, recording a 54 per cent year-on-year increase in H1 2026 net profit (excluding divestment gains) and maintaining a net order book of S$13.3 billion. The group remains on track to achieve its FY2028 targets, including earnings before interest, taxes, depreciation and amortisation of more than S$1 billion, as part of its efforts to enhance total shareholder returns.
Chan Rui Qi is director of capital market development at SGX, and Emelia Tan is senior director of capital market development at SGX
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