SEACON (02409) entered into an early purchase option agreement and financing lease arrangement.

SEACON (02409) announced that on August 17, 2026 (after trading hours on the Stock Exchange), the charterer (a wholly-owned subsidiary of the company) entered into an early purchase option agreement with the existing lessor, under which the charterer agrees to exercise the early purchase option to acquire the vessels from the existing lessor at the option price. The vessels are currently leased to various charterers by the existing lessor under their existing bareboat charters. The vessels acquired by the charterer through the exercise of the early purchase option will subsequently be sold and delivered to the respective owners based on the respective memorandums of agreement entered into between the charterer and the owners. On the same day (after trading hours on the Stock Exchange), three corresponding charterers (i.e., wholly-owned subsidiaries of the company) entered into three financial leasing arrangements with Owner A Tianjin Yueyang Jiuhao Ship Leasing Co. Ltd., Owner B Tianjin Yueyang Shihao Ship Leasing Co. Ltd., and Owner C Tianjin Yueyang Shiyihao Ship Leasing Co. Ltd., respectively, whereby (1) the three corresponding charterers agree to sell the relevant vessels to the respective owners at a price of USD 25.84 million each; (2) each owner agrees to lease the relevant vessels to the respective charterers under the relevant bareboat charters; and (3) the company enters into a guarantee for the benefit of the respective owners. On the same day, the corresponding charterer (i.e., a wholly-owned subsidiary of the company) entered into a financial leasing arrangement with Owner D Tianjin Maxwealth Changyang No. 4 Leasing Co., whereby (1) the corresponding charterer agrees to sell the relevant vessels to Owner D at a price of USD 25.84 million; (2) Owner D agrees to lease the relevant vessels to the corresponding charterer under the relevant bareboat charters; and (3) the company enters into a guarantee for the benefit of Owner D. The exercise of the early purchase option will be conducted on a back-to-back basis with the financial leasing arrangements, which is part of the groups fleet refinancing strategy. By exercising the early purchase option to acquire the vessels from the owners, the group will be able to terminate the existing bareboat leases and enter into new financial leasing arrangements with the owners on terms favorable to the group. This move enables the group to optimize its debt structure, reduce financing costs, and enhance overall liquidity and financial flexibility. The company will continue to monitor the current market conditions in the shipping industry and optimize the financing terms of the groups fleet composition at the appropriate time. The financial leasing arrangements will enable the group to secure additional working capital and financing for vessel acquisitions, aligning with the groups current strategy aimed at gradually phasing out the groups older controlled vessels and replacing them with newer vessels to optimize its fleet and expand its controlled fleet. The board believes that through fleet optimization, the group can enhance its competitiveness in the maritime industry and better meet market demand for its shipping services.