Cetus Maritime Holdings Limited has agreed to acquire Seacon Shipping Group Holdings Limited subsidiaries holding interests in 10 bulk carriers for $133.6m, with three more vessels to join the buyer on time charter, [according to a company filing with the Hong Kong Stock Exchange.
Seacon and its indirect wholly owned subsidiary Seacon Shipping signed the agreement with Cetus on 1 October. The consideration is $133,611,758, with 30%, or $40,083,527, payable in cash and 70%, or $93,528,230, settled through 37,341,289 newly issued Cetus shares.
The shares will represent about 22.24% of Cetus’ enlarged issued capital and form part of its proposed listing on Euronext Growth Oslo. The sale covers 10 Handysize and Ultramax bulkers.
Three additional vessels will be chartered to Cetus or its designated subsidiaries. Seacon expects an after-tax gain of about $70m, net of transaction expenses, to be recognised in stages between 2026 and 2028. Net proceeds are intended for potential vessel acquisitions and general working capital.
Completion remains conditional on approval of Cetus’ proposed listing and admission of its shares to trading on Euronext Growth Oslo.
Shareholders controlling 57.75% of Seacon’s issued capital have provided written approval for the major transaction, removing the requirement for a general meeting. The agreement follows Seacon’s 28 August disclosure of negotiations with Cetus involving interests in 13 vessels under the same proposed 30% cash and 70% equity structure.
Seacon shares rose 6.5% to HK$4.915 ($0.63) in Hong Kong morning trading on 2 October, with turnover of HK$648,000 ($82,580).
Cetus Maritime Holdings Limited is a Cayman Islands-incorporated dry bulk owner and operator providing ship management and chartering services. It was formed through the combination of Asia Maritime Pacific and Hamburg Bulk Carriers in 2023 and combined with Nachipa Corp in 2024. The company controls more than 40 vessels alongside shorter-period chartered tonnage.
Seacon Shipping Group Holdings Limited is a Cayman Islands-incorporated shipping group headquartered in China. As of 30 June 2026, it controlled 38 vessels and held investments in another 15 through joint ventures, giving its combined fleet interests capacity of 1.83m dwt.