Hong Kong-headquartered SITC International Holdings Company Limited, an Asian shipping logistics company, said that its wholly-owned subsidiary SITC Shipowning, a company principally engaged in the business of vessel holding, exercised the options on April 29 for the construction of two additional container vessels at the aggregate consideration of US$57.96m.
The shipbuilder Huanghai Shipbuilding Co., Ltd. will construct two 1,800 TEU container vessels with dwt of approximately 24,000 tons for the Group. The builder is beneficially owned as to approximately 80.43% by the Huanghai Shipbuilding Co., Ltd, according to SITC’s statement on April 29.
The delivery of the two option vessels is expected to be made on or before 31 March 2028 and 31 May 2028, respectively.
The contract price for each of the option vessels is US$28.98m and the aggregate contract price for the two option vessels to be constructed is US$57.96m.
The contract price was determined after “arm’s length negotiations” between the parties, SITC said, with reference to the market prices for the construction of new vessels of similar size in the open market as determined by the company’s directors.
SITC expects the exercise of the current tranche of the options for the construction of two new container vessels is to expand the self-owned fleet of container vessels of the Group to meet the Group’s operational requirements.
