Seacon Shipping Group has agreed to acquire four multi-purpose dry cargo vessels for a total consideration of $44.4 million. The company entered into four novation agreements on March 24 through its subsidiary, Seacon Shipping.
Under the terms of the transaction, Seacon will assume all rights and obligations for the ships from H&C Marine Engineering Singapore and FLC Chance Shipping. The vessels are being constructed by Chinese shipbuilder Jiangsu Dajin Heavy Industry.
Each ship has a capacity of 5,200 DWT and is priced at $11.1 million. Seacon stated it is focused on expanding its fleet to enhance its capacity to meet customer requests.
The vessels are scheduled to be delivered on April 30, July 30, September 30, and November 30, 2027. This acquisition is part of a strategy to optimise the fleet by gradually phasing out older vessels and replacing them with newer models, Seacon noted.
Paid in five instalments, the total price includes a final payment of $5.775 million due upon the delivery of each vessel. Seacon reported that it intends to fund the acquisition through internal resources and external financing from financial institutions.
