CSSC SHIPPING Signs Memorandum of Agreements and Bareboat Charters for Four Vessels

Stock News03-04

CSSC SHIPPING (03877) announced that on March 4, 2026, its wholly-owned special purpose companies Fortune Bankok I, Fortune Bankok II, Fortune Bankok III, and Fortune Bankok IV entered into a memorandum of agreements and bareboat charter agreements with the charterers Lucilla Maritime, Megara Maritime, Apollonas Maritime, and Cronos Maritime. The four special purpose companies have agreed to purchase the vessels for the charterers at a total cost of $129.4 million, which corresponds to the total shipbuilding price determined under the relevant shipbuilding contracts. Subsequently, the vessels will be leased back to the charterers under bareboat charter arrangements, with estimated total rental payments amounting to approximately $141 million, including an estimated lease interest of about $36.685 million. The vessels involved are four 1,900 TEU feeder container ships. The agreements were signed by the special purpose companies in the ordinary course of their business. The board of directors believes that the execution of these agreements will strengthen the group's leasing operations and align with its overall business development strategy.

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