SEACON Shipping (02409) Subsidiary Plans to Sell Vessel for $17.1 Million

Stock News

Oct 19

SEACON Shipping (02409) announced that on October 17, 2025, its indirect wholly-owned subsidiary Seacon Manila Ltd entered into an agreement with BULK EXPORTS INTERNATIONAL INC. and a guarantor. Under this agreement, the seller has agreed to sell, and the buyer has agreed to purchase, a vessel (SEACON MANILA, a bulk carrier built in 2016 with a deadweight tonnage of 21,168 tons) for a price of $17.1 million. The vessel is currently chartered to the seller by its owner under a bareboat charter. The seller intends to purchase the vessel based on the purchase option price according to the terms of the bareboat charter. The vessel that the seller intends to buy by exercising the purchase option will be further delivered to the buyer as per the agreement. This sale aligns with the Group's ongoing strategy to maintain a balanced fleet composition to optimize its fleet. The Board believes that this sale presents an opportunity to sell the vessel at a reasonable price, which will enable the Group to improve its working capital position, further enhance its liquidity, and finance the acquisition of new vessels to optimize the Group's fleet composition. The Company will continue to monitor the current market conditions of the shipping industry and adjust its fleet composition as necessary.

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