CSSC SHIPPING (03877) Announces Sale and Leaseback of Four 1,900-TEU Vessels

Bulletin Express03-04

CSSC (Hong Kong) Shipping Company Limited (CSSC SHIPPING, Stock Code: 03877) announced that, on 4 March 2026, four wholly-owned special purpose vehicles (Fortune Bankok I, Fortune Bankok II, Fortune Bankok III, Fortune Bankok IV) signed memorandums of agreement and bareboat charters with Lucilla Maritime, Megara Maritime, Apollonas Maritime, and Cronos Maritime (collectively the Charterers). Under these agreements, the special purpose vehicles will purchase four 1,900 TEU feeder containers from the Charterers for US$103.52 million as part of a shipbuilding price of US$129.40 million, and subsequently lease the vessels back to the Charterers.

The total estimated charterhire stands at US$140.73 million, including US$36.69 million in lease interest. Delivery of the vessels is expected between July 2028 and May 2029, with each charter period set at 120 months. The announcement further states that this transaction qualifies as a discloseable transaction under Chapter 14 of the Listing Rules, with a percentage ratio of more than 5% but under 25%, thereby requiring notification and announcement while exempt from shareholders’ approval. According to the announcement, the board believes that this arrangement strengthens the group’s leasing business and aligns with its overall development strategies.

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