Expansion-minded Seacon Shipping is stepping up its presence in the tanker segment with more newbuildings.
The Hong Kong-listed Chinese company, which already has four MR product tankers under construction in China, is adding six more.
Sources indicate the deal is structured such that GHC Shipping, a joint venture between Seacon and Huanghai Shipbuilding, has placed orders for six 50,000-dwt newbuildings.
Seacon will bareboat charter them from GHC Shipping once they are delivered from the Shandong-based yard in 2026.
Details of the charter period and rates have yet to emerge in the market, and officials at Huanghai Shipbuilding and Seacon were unavailable for comment, as China was closed for a public holiday on Monday.
The price of the MR tankers remains unknown, but brokers think the ship type should cost less than $50m per unit.
The tankers will have a total of 14 cargo tanks and are equipped with independent cargo pipes and a hydraulic submersible pump. They will meet the Energy Efficiency Design Index phase 3 rating and the International Maritime Organization’s Tier III NOx requirements.
Seacon is a newcomer to the MR tanker business. It made its debut in the sector early this year when it teamed up with CSSC Shipping — the shipowning arm of China State Shipbuilding Co — to order four tankers at Chengxi Shipyard.
Golden Pegasus Shipping, the joint company, was reported to have paid about $45m per tanker.
Jiangyin-based Chengxi is scheduled to deliver two vessels in 2025 and two in 2027.
GHC Shipping is believed to be the third joint venture for Seacon.
In August, it partnered Sabrina Chao and Kenneth Lam’s ship finance venture SeaKapital Holdings to set up Continental Kapital Shipping.
The Hong Kong-based 50/50 joint company is focusing on vessel acquisition, ownership, chartering, leasing and management of various types of vessels, including multipurpose and heavylift ships, chemical tankers and dual-fuel car carriers.
Continental Kapital celebrated its establishment by launching the first two of six MPPs with a total investment of HKD 2bn ($257m).
The 62,000-dwt MPPs — to be named Cosco Shipping Ji Xiang and Cosco Shipping Ru Yi — are under construction at Huanghai Shipbuilding. They will be chartered to Cosco Shipping Specialized Carriers on a long-term basis.
In addition to the product tanker newbuildings, Seacon is due to take delivery of 11 chemical tankers under construction in China.
Seacon reported a tripling of net profit for the first half of 2024 — $32.6m versus $10.9m in the first six months of last year.
Revenue rose by 15.6% year on year to $137.8m on the back of a nearly 10% increase in the deadweight capacity of its fleet.
Its fleet comprises 20 bulkers and 10 product/chemical tankers with a combined capacity of 1.45m dwt.
