Intercontinental Shipping (02409) plans to sell a bulk carrier for up to $26.7 million

According to Zhitong Finance App, Intercontinental Shipping (02409) issued an announcement. On December 31, 2025, the seller Seacon Shanghai Ltd (an indirect wholly-owned subsidiary of the company) and the buyer Dexter Navigation Ltd signed an agreement. The buyer agreed to purchase the ship at a maximum cost of US$26.7 million. The ship is a bulk carrier with a gross tonnage of 44,038 tons built in 2019.

The ship is currently leased to the seller by the owner Taiping 19 (Tianjin) Shipping Leasing Co., Ltd. under bareboat leasing. The seller intended to purchase the ship at the purchase option price by exercising a purchase option in accordance with the terms of the bareboat charter prior to the date of delivery. The ship intended to be purchased by the seller through the exercise of the purchase option shall be further delivered to the buyer in accordance with the agreement.

The sale and exercise of purchasing options are in line with the Group's ongoing strategy of maintaining a balanced fleet mix to optimize its fleet. The directors believe that the sale is an opportunity to sell the ship at a reasonable price, which will enable the Group to improve its working capital situation, further enhance its liquidity, and provide capital for the acquisition of new ships to optimize the Group's fleet portfolio. The company will continue to monitor the current market conditions in the shipping industry and monitor and adjust the Group's fleet portfolio in due course.