SITC Exercises Shipbuilding Option to Construct Six Vessels for Approximately $136.8 Million

Stock News03-26

SITC International Holdings (01308) has announced that on March 26, 2026, SITC Shipowning exercised an option under a shipbuilding contract to construct an additional six vessels, with a total contract value of approximately $136.8 million. Constructing these vessels under the shipbuilding option agreement will enable the group to expand its owned container fleet to meet growing operational demands. The Board considers the terms of the shipbuilding contract to be fair and reasonable, as the vessel cost was determined through arm's length negotiations based on the prevailing market price for constructing new vessels of a similar scale. The Board believes the agreement is in the overall interests of the company and its shareholders.

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