China’s Seacon Shipping Group Holdings Limited has sealed seven agreements on January 27 through its indirect wholly owned subsidiary, Seacon Marine Ltd., for the acquisition of seven mini bulk carriers at an aggregate consideration of €63.7m, each at a consideration of €9.1m.
The Hong Kong-listed company said in a filing that its subsidiary Seacon Marine Ltd, principally engaged in investment holding, purchased seven mini bulk carriers, the Baltic Fin, Baltic Grain, Baltic Moon, Baltic Split, Baltic Steel, Baltic Sun and Baltic Wind, each with a 2,518 gross tonnage, from wholly owned subsidiaries of Baltic Shipping.
Five of the vessels were built in 2023, one constructed in 2022, and another constructed in 2024.
The vessels are all expected to be delivered to the Group between 1 April 2025 and 1 June 2025.
In accordance with the terms of the agreement, in the event that a vessel is not ready for delivery by 1 June 2025, the seller may propose to extend the relevant delivery date, and the buyer has the option of either accepting the extended delivery date or rejecting it and cancelling the relevant agreement pursuant to its respective terms and conditions.
All sellers are wholly owned subsidiaries of Baltic Shipping, a shipping and ship management company as well as a shipowner, incorporated in Denmark. Furthermore, the sellers are private companies incorporated in Germany principally engaged in vessel ownership and operation.
To remind, Baltic Shipping is specialized in chartering, ships agency, ship management, project cargo, vessel operations and stevedoring for all kinds of commodities.
Baltic Shipping has commercial management of a fleet of over 95 dry cargo vessels ranging from 1,100–14,000 dwt.
Seacon Shipping Group Holdings Limited believes that the expansion of the Group’s controlled vessel fleet will enhance the Group’s capacity to undertake more customer requests and increase the competitiveness of its shipping solutions as the ability to secure business opportunities are dependent on the availability of the vessel fleet of the Group.
It will also allow the Group to further attract potential business opportunities from larger market players who generally assess, among other things, the condition of the vessels and the size of the fleet when they select shipping services and ship management services providers.
