SITC commits US$136.80 million to build six 1,100 TEU container vessels, triggering discloseable transaction status

Bulletin Express03-26

SITC International Holdings (SITC) has exercised options to construct six additional 1,100 TEU container vessels at an aggregate contract price of US$136.80 million (HK$1.07 billion).

The vessels will be built by Jiangsu Yangzi Hongyuan Shipbuilding Co., Ltd. and Jiangsu New Yangzi Shipbuilding Co., Ltd., both ultimately owned by Yangzijiang Shipbuilding (SGX: BS6). Each vessel is priced at US$22.80 million (HK$178.98 million).

Delivery is scheduled as follows: • 31 Mar 2028 • 30 Apr 2028 • 31 May 2028 • 30 Jun 2028 • 31 Jul 2028 • 31 Aug 2028

Consideration for each vessel will be settled in five cash instalments: 10 % on contract signing, 10 % at steel cutting, 10 % at keel laying, 10 % at launching, and the remaining 60 % upon delivery. Funding will come from internal resources and/or external financing.

When aggregated with four previous new-build contracts signed on 26 December 2025, the highest applicable percentage ratio under Hong Kong Listing Rule 14.07 exceeds 5 % but remains below 25 %. As a result, the latest option exercise qualifies as a discloseable transaction requiring public reporting and announcement.

SITC states that expanding its self-owned fleet aligns with rising operational demand and that the contract pricing reflects prevailing market levels for vessels of similar size.

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