Seacon seals finance lease arrangement for bulker newbuild

China’s shipowner Seacon Shipping Group Holdings Limited has announced that on January 5 the charterer Seacon Dubai Ltd and the seller Seacon Shipping Pte. Ltd., both of which are indirect wholly-owned subsidiaries of Seacon Shipping Group Holdings Limited, the owner Dawn Shipping, S.A., the company Seacon Shipping Group Holdings Limited and the guarantor – which is a company incorporated in Japan with limited liability, entered into a finance lease arrangement.

Under the agreement, Seacon Shipping Pte. Ltd. agreed to sell the 40,000-dwt bulk carrier under construction to Dawn Shipping, S.A., a company incorporated and existing under the laws of Panama, for a consideration of USD$31,380,000.

Dawn Shipping agreed to charter the vessel to the charterer under the bareboat charter, the company Seacon Shipping Group Holdings Limited entered into the first guarantee in favour of the owner, whilst the guarantor entered into the second guarantee in favour of the charterer and the seller.

The charter period is ten years from the date of delivery of the vessel from the owners to the charterers.

Financial details concerning the sale, the bareboat charter of the vessel and