On November 28, 2025 (after trading hours on the Stock Exchange), the buyer entered into a substitution agreement with the seller, Jiangsu Dajin Heavy Industry Co., Ltd., and the previous buyer (Seacon Shipping Pte. Ltd., an indirect wholly-owned subsidiary of the company). Under the agreement, the previous buyer agreed to transfer all rights and obligations under the shipbuilding contracts to the buyer. Following the substitution, except for the amendments specified in the agreement, the six shipbuilding contracts remain fully valid, with a total consideration of approximately $12.3 million, equivalent to the amount paid by the previous buyer under the contracts up to the substitution date.

This move aligns with the group’s ongoing strategy to optimize its fleet by maintaining a balanced vessel portfolio. The board believes the substitution presents an opportunity to adjust the contracts at a reasonable price, which will improve the group’s working capital, enhance liquidity, and provide funding for vessel acquisitions to further optimize the fleet.

Additionally, on September 29, 2025, SG XINDE INVESTMENT (HK) LIMITED, an indirect wholly-owned subsidiary of the company, agreed to acquire a 40% stake in CIMC Xinde Leasing (Shenzhen) Co., Ltd., which wholly owns the buyer. As a result, the substitution will increase the dry bulk shipping capacity of the buyer (in which the group holds a 40% interest), enabling it to better meet market demand for dry bulk shipping services. This is expected to generate additional economic benefits for the group, in line with its overall business strategy and long-term interests.

The company will continue to monitor current market conditions in the shipping industry and adjust its fleet portfolio as needed.