Seacon Shipping to Sell 2023-Built Bulk Carrier for USD41.60 million and Triggers Purchase Option Ahead of Delivery

Bulletin Express07-20

Seacon Shipping Group Holdings Limited (Seacon Shipping) disclosed two connected transactions on 20 July 2026: the agreed disposal of its 36,570-GT bulk carrier “Seacon Tokyo” and the exercise of a purchase option on the same vessel prior to delivery to the buyer.

The seller, Seacon Tokyo Ltd—an indirect wholly owned subsidiary—signed a memorandum of agreement with OBE Ships Maritime S.A. to transfer the vessel for USD41.60 million. An USD8.32 million deposit will be lodged in escrow within three banking days, while the remaining balance must be pre-positioned one day before delivery. Funds will be released to Seacon Shipping within three banking days of the vessel’s notice of readiness. Delivery is scheduled on or before 2 December 2026; the buyer may cancel if the deadline is missed.

Concurrent with the sale, Seacon Tokyo Ltd will exercise its purchase option under an April 2023 bareboat charter with Xiang T26 SG International Ship Lease Pte. Limited. The option price is up to USD18.70 million, adjusted for timing. Exercising the option will transfer title from the owner—indirectly owned by Bank of Communications Financial Leasing—to Seacon Shipping, immediately enabling onward delivery to the buyer.

Financially, the vessel generated net profits of USD1.61 million in 2024 and USD1.40 million in 2025. Expected net asset value at delivery is approximately USD30.09 million. Seacon Shipping anticipates an after-tax disposal gain of about USD9.86 million, calculated as the sales proceeds minus the vessel’s net asset value and related costs. Net proceeds will be earmarked for potential vessel acquisitions and general working capital.

Both the disposal and the purchase-option exercise each represent discloseable transactions under Chapter 14 of Hong Kong’s Listing Rules, with highest percentage ratios exceeding 5 % but below 25 %. When aggregated with two earlier purchase options executed in April and June 2026, the transactions remain within the same reporting threshold.

The board stated that the moves align with Seacon Shipping’s fleet-optimisation strategy by enhancing liquidity and funding future vessel investments while maintaining a balanced portfolio.

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