Seacon Shipping inks $129,2m deal for four tanker newbuildings

China’s Seacon Shipping Group Holdings Limited lines up purchases of four oil/chemical tankers for an aggregate consideration of $129,2m.

The Hong Kong-listed company has revealed it signed up shipbuilding contracts for four 18,500-dwt oil/chemical tankers at Fujian Southeast Shipbuilding Co., Ltd.

The first vessel will be constructed and delivered to the company with expected date on 31 July 2025. The consideration for this ship is $32,3m, which shall be paid to the seller in six instalments.

The company shall, within fifteen days of the date of the shipbuilding contract, deliver to the shipbuilder an irrevocable letter of guarantee for the payment as far as the 2nd, 3rd, 4th and 5th instalments of the consideration.

The second vessel will be constructed and delivered to the company with expected date on 30 November 2025. The same obligation applies also for this vessel as far as the six instalments of the consideration and the letter of guarantee for the payment.

The third oil/chemical tanker will be constructed and expected to be delivered on 28 February 2026, whilst for the fourth vessel the expected delivery is on 31 May 2026.

It is currently expected that the consideration will be funded by internal resources of the Group and external financing from financial or other institutions.

“The acquisition of the vessels under the shipbuilding contracts is in line with the ongoing strategy of the Group to optimize its vessel fleet by gradually phasing out its older controlled vessels and replacing them with newer vessels, as well as to expand the Group’s controlled vessel fleet,” the company said.