Seacon flips leased product tanker to SeaKapital

In a significant move within the shipping industry, China’s Seacon Shipping has finalized the sale of the modern chemical and oil products carrier, Golden Daisy, to Hong Kong-based SeaKapital. The transaction, valued at approximately $32.9 million, marks a strategic shift for Seacon as it aims to bolster its financial position and explore new vessel acquisitions. The deal is expected to be completed by the end of May 2023.

Details of the Transaction

Seacon Shipping, headquartered in Qingdao, will first acquire the Golden Daisy from its current bareboat charter agreement with AVIC Leasing for $21 million. Following this purchase, the vessel will be delivered to SeaKapital. Seacon anticipates a profit of around $6.3 million from this transaction, which will be utilized to finance potential vessel purchases and support general working capital needs.

SeaKapital, established in April 2023 by prominent shipping figures Sabrina Chao and Kenneth Lam, is rapidly making its mark in the maritime sector. The company recently formed a 50:50 joint venture with Seacon called Continental Kapital Shipping. This partnership focuses on acquiring, owning, leasing, and managing a diverse range of vessels, including multipurpose heavylift ships, chemical tankers, and dual-fuel car carriers.

Earlier this year, Seacon also novated two shipbuilding contracts to the joint venture for 18,500 dwt chemical tankers at Fujian, valued at $19.76 million. Additionally, the company successfully sold Golden Daisy’s sister vessel, Golden Dahlia, to UK-based Union Maritime in a similar arrangement. These strategic moves highlight Seacon’s commitment to optimizing its fleet and enhancing its operational capabilities in the competitive shipping market.