SEACON (02409) Plans to Sell a Bulk Carrier for Up to $26.7 Million

Stock News2025-12-31

SEACON (02409) announced that on December 31, 2025, the seller, Seacon Shanghai Ltd (an indirect wholly-owned subsidiary of the Company), and the buyer, Dexter Navigation Ltd, entered into an agreement under which the buyer agreed to purchase the vessel for a maximum consideration of $26.7 million.

The vessel is a bulk carrier built in 2019 with a gross tonnage of 44,038 tons.

The vessel is currently owned by Taiping No. 19 (Tianjin) Shipping Leasing Co., Ltd. and is chartered to the seller under a bareboat charter.

The seller intends to purchase the vessel from the owner by exercising a purchase option under the bareboat charter terms at the option price prior to the delivery date.

The vessel, which the seller intends to acquire by exercising the purchase option, will subsequently be delivered to the buyer in accordance with the agreement.

The sale and the exercise of the purchase option align with the Group's ongoing strategy of maintaining a balanced fleet portfolio to optimize its vessel lineup.

The Directors believe the sale presents an opportunity to divest the vessel at a reasonable price, which will enable the Group to improve its working capital position, further enhance its liquidity, and fund the acquisition of new vessels to optimize the Group's fleet composition.

The Company will continue to monitor the prevailing market conditions in the shipping industry and will review and adjust the Group's fleet portfolio in a timely manner.

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