Seacon Shipping Group has agreed to sell the newbuild bulk carrier Seacon Colombo to Medway Marine for $35.6 million.
The vessel, which has a gross tonnage of 25,175 and is scheduled for completion this year, is expected to be delivered on or before July 26.
To facilitate the transaction, Seacon intends to acquire the ship by exercising a purchase option under its existing bareboat charter with Qihang Zhongzhou 4 Leasing Tianjin before the delivery date. The leasing company is owned by Bank of China Financial Leasing.
Under the terms of agreement, Medway Marine must pay a deposit of $3,562,600 into an escrow account within three banking days of signing the agreement. The remaining balance is required to be pre-positioned in the account at least four banking days before the vessel is delivered.
Seacon Shipping Group expects to record an estimated net gain of approximately $3.3 million from the sale, calculated from a projected net asset value of about $30.9 million. This final financial impact will be determined upon completion of the transaction and remains subject to audit, according to the group.
Net proceeds from the transaction will be used to finance potential vessel acquisitions and provide general working capital, according to the company's board of directors.
Management indicated that the transaction represents an opportunity to sell the ship at a reasonable price while strengthening liquidity and allowing the group to adjust its fleet profile as market conditions change.