SEACON Shipping to Divest Vessel for $42.9 Million

Stock News06-04

Shipping firm SEACON (SEACON) has announced the signing of a sale and purchase agreement for one of its vessels.

On June 4th, the seller, an indirect wholly-owned subsidiary of the company, entered into an agreement with the buyer, Journey Marine S.A., for the sale of the vessel named Seacon Antwerp.

The total consideration for the transaction is $42.9 million.

The company stated that the divestiture, along with the exercise of purchase options, aligns with the group's ongoing strategy to maintain a balanced fleet portfolio for optimization purposes.

The board of directors believes the sale presents an opportunity to divest the vessel at a reasonable price.

Proceeds from the sale are expected to improve the group's working capital position, further strengthen its liquidity, and provide funding for the acquisition of new vessels to optimize the overall fleet composition.

The company will continue to monitor prevailing market conditions in the shipping industry and will review and adjust its fleet portfolio in a timely manner.

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