On October 16, Seacon Shipping Group Holdings Limited (hereinafter referred to as “Seacon Shipping”) issued the “Bareboat Charter Arrangements for Three Vessels Related to Major Transactions”.
Seacon Shipping announced that it has entered into bareboat charter arrangements with the owners of the vessels. Each of the charterers (three indirect wholly-owned subsidiaries of the Company, SEACON ATLANTA LTD., SEACON BARCELONA LTD., and SEACON COLOMPO LTD.) entered into bareboat charter arrangements with one of the owners: Qihang Zhongzhou No. 2 Leasing (Tianjin) Co., Ltd., Qihang Zhongzhou No. 3 Leasing (Tianjin) Co., Ltd., and Qihang Zhongzhou No. 4 Leasing (Tianjin) Co., Ltd.
This arrangement involves three bulk carriers with a deadweight tonnage of approximately 40,400 dwt, with a total estimated value of the right-of-use assets amounting to approximately US$86.6 million. The charter period spans 180 months from the delivery date, with the charter hire comprising fixed and variable components. The fixed charter hire amounts to US$200,000, US$260,000, US$330,000, US$390,000, and US$460,000 during different phases respectively.
Seacon Shipping stated that the bareboat charter arrangement is in line with the group’s ongoing strategy to expand its controlled fleet by acquiring three bulk carriers, thereby diversifying the group’s controlled fleet while maintaining capital liquidity. With the addition of these vessels, Seacon Shipping’s bulk cargo transportation capacity will increase, enabling the company to better meet market demand for its large equipment shipping services, generate additional revenue, and create greater value and returns for shareholders.