China’s Seacon Shipping has secured financing for seven modern mini bulkers it snapped up from Baltic Shipping earlier this year.
The Hong Kong-listed company said in a filing it had agreed to sell the vessels to a subsidiary of Shenzhen Financial Leasing for €57.33m ($64.9m) and bareboat charter them back.
The charters will be for five years, with purchase options attached as well as an obligation to buy at the end of the charter period.
Seacon bought the Baltic Fin, Baltic Grain, Baltic Moon, Baltic Wind, Baltic Steel, Baltic Sun and the Baltic Split in January for €63.7m ($66.5m) or $9.1m each. The 3,800-3,900 dwt vessels were built between 2022 and 2024 and should be delivered by June.
The Qingdao-based diversified owner and operator has financed most of its vessel additions, including newbuildings, via similar deals.
The company said it believes the finance lease arrangements will further enhance its cash flow and allow it “to make a more efficient utilisation of internal financial resources, which will facilitate continuing growth of its principal businesses of providing shipping services and ship management”.