SEACON (02409) entered into a financing lease arrangement involving a 40,000 dwt bulk carrier under construction.

SEACON (02409) announced that on January 5, 2025, the charterer and seller (both indirect wholly-owned subsidiaries of the company), the owner, the company, and guarantors entered into a financing lease arrangement. Under this arrangement, (i) the seller agreed to sell the vessel to the owner for $31.38 million according to the memorandum of agreement; (ii) the owner agreed to lease the vessel to the charterer under a bareboat charter; (iii) the company entered into the first guarantee as a beneficial owner with the owner; and (iv) the guarantor entered into the second guarantee with the charterer and seller as beneficiaries. It is reported that the vessel is a 40,000 dwt bulk carrier under construction. The lease term is 10 years from the date of delivery of the vessel from the owner to the charterer, with a lease fee of $118,500 per month and interest calculated at 2.2% above the Chicago Mercantile Exchange's published overnight financing rate for a period of one month from $25.6 million reducing by $118,500 per month on the current balance.