Seacon Shipping announced that it entered into novation agreements for six shipbuilding contracts on December 26, 2025.
These agreements transfer all rights and obligations for the construction of six vessels from a previous buyer at nil consideration.
The vessels are 63,800 DWT bulk carriers with expected delivery dates between January 30, 2027, and November 30, 2027.
The total consideration for the acquisition is $198.6 million, representing a price of $33.1 million per vessel.
To fund the construction, the company has entered into finance lease arrangements with subsidiaries of Minsheng Financial.
Each vessel will be sold to the owners for $28.1 million and chartered back under bareboat terms for 180 months.
The company stated the transaction follows a strategy to optimise the vessel fleet by replacing older controlled vessels with newer, more fuel-efficient models.
Management remarked that larger fleets attract business from major market players who prioritise modern vessel conditions.
A circular containing further details of the novation and leasing arrangements will be distributed to shareholders on or before January 19, 2026. The group expects to fund the remainder of the costs through internal resources.