Seacon Shipping (02409) has announced that on March 24, 2026, after trading hours on the Hong Kong Stock Exchange, its indirect wholly-owned subsidiary, Seacon Shipping Pte. Ltd., entered into four novation agreements with the seller, Jiangsu Dajin Heavy Industry Co., Ltd., and the original buyers, H&C Marine Engineering (Singapore) Pte. Ltd. and FLCCHANCE SHIPPING LIMITED. Under these agreements, each original buyer will transfer all rights and obligations under the relevant original shipbuilding contracts to the subsidiary at no cost. The original buyers have not made, and will not make, any installment payments under the original contracts. Following the novation, the shipbuilding contracts will remain in full force and effect, as amended by the agreements, under which the subsidiary agrees to purchase and the seller agrees to sell the four vessels for a total consideration of $44.4 million. The acquisition aligns with the group's strategy of continuously optimizing its fleet by phasing out older vessels under its control and replacing them with newer ones, thereby expanding the group's controlled fleet. The board believes that expanding the controlled fleet will enhance the group's ability to take on more shipping requirements and improve the competitiveness of its shipping solutions, as securing commercial opportunities depends on the availability of the group's fleet. This move is also expected to help the group attract potential business from larger market participants, who typically evaluate factors such as vessel condition and fleet size when selecting shipping and vessel management service providers. Furthermore, the new vessels are fuel-efficient and operationally efficient, complying with the latest environmental regulations and current industry standards in the shipping sector.