Seacon Shipping Group Holdings Limited (2409) announced, in a circular dated 25 February 2026, a plan involving two major transactions for six new 63,800 dwt bulk carriers. The first transaction is the novation of six shipbuilding contracts, which transfers all rights and obligations from a previous buyer to Seacon Shipping Pte. Ltd., an indirect wholly owned subsidiary of Seacon Shipping Group Holdings Limited, for an aggregate consideration of USD198.60 million. The initiative is intended to modernize and expand the controlled fleet by introducing more fuel-efficient vessels that comply with prevailing industry requirements.

The second transaction involves finance lease arrangements with six special-purpose companies wholly owned by Minsheng Financial Leasing Co., Ltd. Each company will acquire one of the vessels from Seacon Shipping Pte. Ltd. for USD28.14 million under a memorandum of agreement and charter it back for 180 months. The lease payments include a combination of fixed and variable hire charges, as well as a balloon payment at the end of the charter period. The purpose of these arrangements is to secure medium-to-long term financing for building and taking delivery of the new vessels.

The announcement explains that the transactions qualify as major transactions under regulatory rules and generally require shareholder approval. However, irrevocable approval has been obtained from a closely allied group of shareholders holding 57.75% of the Company’s issued share capital, satisfying the relevant requirements in lieu of a general meeting. The board of directors stated that the new vessels are expected to boost operating efficiency and strengthen overall competitiveness once they are delivered, given the strategy of gradually replacing older ships and increasing the Company’s ability to undertake new business opportunities.