Seacon Shipping Group Holdings Limited (Seacon Shipping) disclosed on 24 March 2026 that its Singapore subsidiary, Seacon Shipping Pte. Ltd., has executed four novation agreements to acquire four newly built 5,200-deadweight-tonne multipurpose dry-cargo vessels for a total consideration of USD44.40 million.
Key transaction terms • Seller: Jiangsu Dajin Heavy Industry Co., Ltd., a PRC-based shipbuilder wholly owned by Shenzhen-listed Bestway Marine & Energy Technology Co., Ltd. • Consideration: USD11.10 million per vessel, payable in five instalments (USD1.07 million, USD1.60 million, USD1.07 million, USD1.60 million and a final USD5.78 million on delivery). • Delivery schedule: 30 April, 30 July, 30 September and 30 November 2027. • Security: Seacon Shipping will provide an irrevocable parent guarantee within 20 days of each novation agreement. • Funding: to be met by internal resources and external financing.
Strategic rationale Management intends to modernise and expand the controlled fleet by replacing older ships with fuel-efficient tonnage that meets current environmental standards. A larger, younger fleet is expected to improve Seacon Shipping’s ability to secure cargo contracts and enhance competitiveness in the global dry-cargo market.
Regulatory classification When aggregated, the four acquisitions exceed the 5 % but remain below the 25 % threshold under Hong Kong Listing Rule 14.07. The transaction therefore qualifies as a discloseable transaction, triggering reporting and announcement obligations without requiring shareholder approval.
Parties involved • Buyer: Seacon Shipping Pte. Ltd., an indirect wholly owned subsidiary of Seacon Shipping. • Original counterparties: H&C Marine Engineering (Singapore) Pte. Ltd. and FLC Chance Shipping Limited, neither of which had made instalment payments under the original shipbuilding contracts. • Seller: Jiangsu Dajin Heavy Industry Co., Ltd., with a paid-up capital of RMB500 million and approximately 400 employees.
Board view Seacon Shipping’s directors, including independent non-executive directors, consider the terms fair and reasonable and in the interests of all shareholders.
The announcement contains no further financial impact guidance.