China’s Seacon Shipping continues to expand its footprint in the tanker segment by adding a pair of chemical carrier newbuildings through a bareboat charter deal.
The Hong Kong-listed diversified owner and operator has inked contracts worth in aggregate about $55.9m with Yingxing Financial Leasing for 18,500 dwt units, which will be built at China’s Wuhu Shipyard and named Golden Magnolia and Golden Begonia.
Seacon said in a filing the bareboat charter arrangements are in line with the ongoing strategy of the Group to expand and diversify its controlled vessel fleet while conserving capital flow.
The deal includes novation agreements for Seacon to oversee certain aspects under the shipbuilding contracts and a purchase option for the vessels with a charter period extending to twelve years from the delivery date, which has not been revealed.
The Qingdao-based company has been busy growing in the tanker arena, with several newbuild orders spread across Chinese shipyards. Wuhu Shipyard was commissioned by Seacon in March to build one 18,500 dwt chemical tanker that was sold and leased back in another deal with Yingxing in June, and then followed up with these two additional newbuilds at the yard later that month.