Seacon Shipping (02409) Surges Over 6% on Plan to Sell 100% Equity in SEACON Subsidiaries and Enter Time Charter Arrangements

Stock News

3 hours ago

Seacon Shipping (02409) rose over 6%, up 6.07% as of press time to HK$4.895, with a turnover of HK$443,000.

On the news front, Seacon Shipping announced that on October 1, 2026, the company, Seacon Shipping, and the buyer Cetus Maritime Holdings Limited (an exempted company incorporated under the laws of the Cayman Islands) entered into the agreement, pursuant to which: the company and Seacon Shipping agreed to sell, and the buyer agreed to purchase, 100% equity in the Seacon subsidiaries, which hold interests in the first group of vessels; and the company and Seacon Shipping agreed to procure their respective subsidiaries (as owners) to enter into time charter arrangements with the buyer (or its respective designated subsidiaries) (as charterers), for a total consideration of US$134 million.

The directors believe that the disposal represents an opportunity to sell the vessels at a reasonable price, which will enable the group to improve its working capital position, further strengthen its liquidity, and provide funding for the acquisition of new vessels to optimize the group's fleet composition.

The company will continue to monitor current market conditions in the shipping industry and monitor and adjust the group's fleet composition in a timely manner.

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