SITC (01308) Plans Up to $76.36 Million for Construction of Container Vessels

Stock News01-30

SITC International (01308) announced that on January 30, 2026, its wholly-owned subsidiary, SITC Shipowning Group Company Limited, exercised options under the seventh and eighth shipbuilding contracts with the shipbuilder Huanghai Shipbuilding Co., Ltd. to construct two vessels. The maximum total cost is $76.36 million (equivalent to approximately HK$599 million), subject to the final specifications of the vessels.

The construction of the vessels under the shipbuilding contracts will enable the Group to expand its owned container vessel fleet to meet the growing operational demands. Given that the vessel cost was determined through fair negotiation with reference to the market price for constructing new vessels of a similar scale in the open market, as assessed by the Directors, the Directors consider the terms of the vessel construction to be fair and reasonable, and in the overall interests of the Company and its shareholders.

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