SEACON (02409) subsidiary acquisition of four vessels at a total cost of 44.4 million US dollars.

SEACON (02409) has announced that on March 24, 2026 (after trading hours on the Stock Exchange), the buyer Seacon Shipping Pte. Ltd. (an indirect wholly-owned subsidiary of the company) entered into four replacement agreements with the sellers Jiangsu Dajin Heavy Industries Co., Ltd. and the original buyers (H&CMarine Engineering (Singapore) Pte. Ltd. and FLC CHANCE SHIPPING LIMITED). Under these agreements, the original buyers agreed to transfer ownership rights and obligations of four vessels to the buyer at no cost, replacing the original shipbuilding contracts (to be replaced by the relevant shipbuilding contracts attached to the respective replacement agreements). The original buyers have not made any installment payments under the original shipbuilding contracts. Upon completion of the replacements, the shipbuilding contracts continue to be effective and binding, with the buyer agreeing to purchase and the seller agreeing to sell the four vessels for a total price of USD 44.4 million. The acquisition of these vessels through the replacement agreements and shipbuilding contracts aligns with the group's strategy of gradually phasing out older vessels under its control and replacing them with newer vessels to optimize its fleet and expand its controlled fleet. The directors believe that expanding the controlled fleet of the group will enhance its ability to meet more freight requirements and improve the competitiveness of its shipping solutions, as the availability of commercial opportunities depends on the group's fleet. This will also allow the group to attract potential business opportunities from larger market participants who typically evaluate vessel conditions and fleet sizes when selecting shipping services and ship management service providers. Furthermore, the new vessels are fuel-efficient and operate with high efficiency, in compliance with recent environmental regulations and current regulatory requirements in the shipping industry.