SITC International Holdings Company Limited (1308) announced that its wholly owned subsidiary, SITC Shipowning Group Company Limited, exercised options on 30 January 2026 to construct two additional 2,700 TEU container vessels under the Seventh and Eighth Shipbuilding Contracts with Huanghai Shipbuilding Co., Ltd. The maximum aggregate consideration for these two vessels is US$76,360,000 (equivalent to HK$599,426,000), subject to final specifications.
According to the announcement, each vessel under these contracts is priced at up to US$38,180,000 (equivalent to HK$299,713,000). Construction costs will be paid in five installments based on construction milestones, and the transaction is expected to be funded by internal resources and/or external financing. Delivery of the newly contracted vessels is scheduled on or before 31 January 2029 and 31 March 2029, respectively.
When aggregated with the previously exercised Fifth and Sixth Shipbuilding Contracts, this transaction’s highest applicable percentage ratio exceeds 5% but is below 25%. As a result, the project qualifies as a discloseable transaction under Chapter 14 of the Listing Rules and is subject to reporting and announcement requirements.
SITC International provides integrated transportation and logistics solutions throughout Asia. The company states that constructing these additional vessels will expand its self-owned fleet to meet rising operational demands. The consideration was determined with reference to current market prices for similar newbuild vessels, and the Board considers the terms fair and reasonable.
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