Hong Kong-listed Seacon Shipping has raised fresh capital via the sale and leaseback of one of its newbuilds.
The Qingdao-based shipowner and operator has sealed a deal with Bank of Beijing Financial Leasing to sell the 13,500 dwt general cargo ship Seacon Yokohama for $21.25m.
for $21.25m.The vessel will deliver this month and be chartered back to Seacon for 10 years, with a purchase option after the fourth year and an obligation to buy at the end of the charter.
The net proceeds from the deal will be used to finance potential acquisition of vessels and as general working capital of the group, Seacon said in a stock exchange filing.
In June, Seacon agreed a $27m sale and leaseback deal with a Singapore-based subsidiary of China’s Bocomm for one of its kamsarmax bulkers set to deliver from Guangzhou Wenchong by the end of October this year.
Ever since its IPO in March, the company has been looking to optimise its fleet by gradually phasing out older, controlled vessels and replacing them with newer tonnage. With ships under construction in China and Japan, the company’s fleet is expected to increase from 24 units at the end of June to 35 by the end of 2025.
