"Saginaw Bay" was anchored in Seeadler Harbor on 10 November when the ammunition ship underwent a catastrophic explosion. She suffered only minor damage from the blast and resulting tidal wave. During her layover, she was taken into dry dock for repairs. From 14 December to the 21st, she underwent exercises in preparation for amphibious landings at Lingayen. On 2 January 1945, her task group departed Manus, escorting transports, arriving at Lingayen Gulf just in time to support the landings on 9 January. On 10 January, she came under attack from two Japanese bombers, who dropped bombs, which missed. On 14 January, a torpedo was spotted near her hull, which also missed. During this period of activity, was heavily damaged by a kamikaze, and was sunk by one, complicating the task group's efforts to provide air support. Efforts were also hampered by heavy seas, which made landings on her flight deck precarious. On 21 January, she retired from supporting the landings, steaming back to Ulithi, in preparation for the landings upon Iwo Jima.