Recently, integrated shipping services provider Seacon Shipping Group Holdings Limited is going to acquire six 6,200 dwt multi-purpose dry cargo vessels under construction by Jiangsu Dajin Heavy Industry, totaling about $63.9 million (RMB 455 million).
According to the announcement, on October 30, 2024, Seacon Shipping, an indirect wholly-owned subsidiary of Seacon Shipping Group Holdings Limited (the Buyer), and Jiangsu Dajin Heavy Industry (the Seller) and UNION MARINE (the Original Buyer) entered into six novation agreements, whereby the Original Buyer transferred to the Buyer the rights and obligations relating to the six vessels in the Original Shipbuilding Contracts for no consideration. Under the shipbuilding contracts, the buyer bought and the seller sold the vessels for a total price of $63.9 million, and the original buyer had not paid and would not pay the installments under the original shipbuilding contracts.
The delivery time of these six multi-purpose dry cargo ships is March 30 and September 30, 2026, June 30 and September 30, 2027, and two vessels will be delivered on March 30, 2027. Each vessel is $10.65 million, and the buyer will pay the seller in five installments.
Seacon Shipping said that buying these vessels under the novation agreement and shipbuilding contract is in line with the Group’s strategy to optimize its fleet, which is to gradually phase out old vessels and replace them with new ones, and also to expand the fleet. The company’s directors believe that commercial opportunities depend on the availability of the fleet, and that expanding the fleet will enable the group to take on more freight demand and more competitive shipping solutions.
It also attracts potential business opportunities from large market players who look at the condition of the vessels and the size of the fleet when selecting a shipping and ship management service provider. Moreover, the new vessels will be more fuel-efficient than the Group’s current dry cargo vessels and will operate more efficiently, complying with the shipping industry’s environmental regulations and norms.
Founded in 2012, Seacon Shipping Group Holdings Limited is an integrated shipping service provider. on March 29, 2023, the company was successfully listed on the Main Board of Hong Kong. The company owns a fleet of 30 vessels and provides excellent third party management services for over 200 vessels covering a wide range of vessel types including dry bulk carriers, oil tankers, chemical tankers, gas carriers, car carriers, multi-purpose vessels and container vessels.