Seacon Shipping Group Holdings has agreed to sell a bulk carrier to Marshall Islands-registered Belle Shipping for $37.5 million. Under the agreement, the Liberia-incorporated subsidiary Seacon Hamburg will deliver the 2023-built vessel, named Seacon Hamburg, to the buyer on or before June 28, 2026.
To facilitate the sale, the subsidiary intends to acquire the vessel by exercising a purchase option under an existing bareboat charter with its owner, Xiang T10 SG International Ship Lease. This acquisition is estimated to cost up to approximately $19.6 million, after which the charter agreement will terminate and the vessel will be transferred to the buyer.
The transaction is fully guaranteed by Castor Maritime, which is an indirect owner of Belle Shipping, while Seacon Shipping Group will guarantee the obligations of the seller.
Payment terms require a deposit of $3.75 million in an escrow account within three banking days of signing, with the remaining balance due one banking day before the scheduled delivery.
Seacon stated that the 48,785 GT vessel generated audited net profits of $638,500 in 2024 and $840,000 in 2025. It expects to record a gain of approximately $13.4 million from the disposal, calculated from the difference between the sale proceeds and the vessel's estimated net asset value of $23.3 million on the delivery date.
The shipping firm stated that the transaction aligns with its ongoing strategy to optimise its fleet portfolio and will strengthen its liquidity and working capital. Net proceeds from the transaction will be allocated toward potential vessel acquisitions and general working capital.
