Seacon Shipping Group Holdings Limited (SEACON) has agreed to dispose of its 43,655-GT bulk carrier, Seacon Antwerp, to Journey Marine S.A. for USD42.90 million. The memorandum of agreement was signed on 4 June 2026 after market close.

The vessel, built in 2024, is currently bareboat-chartered from Qihang Zhongzhou Leasing (Tianjin) Co., Ltd. Seacon will first exercise its contractual purchase option to acquire full title to the ship at a price of up to USD27.30 million, adjusted for timing, before transferring ownership to the buyer on or before 30 September 2026.

Payment terms stipulate a 10% deposit of USD4.29 million into escrow within three banking days of signing, with the balance pre-positioned at least one banking day before delivery. Funds will be released to Seacon upon handover. The buyer may cancel if the vessel is not delivery-ready by the agreed date.

Financially, Seacon anticipates a post-tax disposal gain of approximately USD9.40 million, calculated as the difference between net proceeds and the vessel’s expected net asset value of roughly USD32.70 million at delivery. For the years ended 31 December 2024 and 2025, Seacon Antwerp generated net profits of USD0.73 million and USD0.85 million, respectively.

Proceeds will be earmarked for potential vessel acquisitions and general working capital. The Hong Kong Stock Exchange has classified both the disposal and the purchase option exercise as discloseable transactions under Chapter 14 of the Listing Rules, with the highest applicable percentage ratios exceeding 5% but remaining below 25%.

Seacon states that the transaction aligns with its strategy to optimise fleet composition, strengthen liquidity and fund future vessel additions.