香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Seacon Shipping Group Holdings Limited 洲際船務集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2409） 延遲寄發通函 茲提述洲際船務集團控股有限公司（「本公司」）日期為2025年9月29日的公告（「該公 告」），內容有關(1)收購目標公司的40%股權及(2)提供擔保。除文義另有所指外， 本公告所用詞彙與該公告所界定者具相同涵義。 誠如該公告所披露，由於參照上市規則第14.07條，與提供擔保合併計算時，有關收 購事項的最高適用百分比率超過25%但低於100%，故根據上市規則第14章，收購 事項及提供擔保構成本公司主要交易，須遵守上市規則第14章的申報、公告及股東 批准規定。 根據上市規則第14.41(a)條，由於收購事項及提供擔保項下擬進行的交易乃根據上 市規則第14.44條以股東書面批准方式獲得批准，故本公司須於該公告刊發後15個 營業日內（即於 ...

Core Viewpoint - The company, Seacon Manila Ltd, a wholly-owned subsidiary of Intercontinental Shipping (02409.HK), has entered into an agreement to sell a bulk carrier, SEACON MANILA, for $17.1 million, aligning with its strategy to optimize its fleet composition [1] Group 1: Transaction Details - The vessel, SEACON MANILA, was built in 2016 and has a gross tonnage of 21,168 tons [1] - The sale agreement involves the buyer, BULK EXPORTS INTERNATIONAL INC., and a guarantor, with the transaction price set at $17.1 million [1] - The vessel is currently leased to the seller under a bareboat charter, and the seller intends to exercise a purchase option to acquire the vessel [1] Group 2: Strategic Implications - The sale aligns with the company's ongoing strategy to maintain a balanced fleet composition, optimizing its shipping operations [1] - The board believes that this sale represents an opportunity to sell the vessel at a reasonable price, which will improve the company's working capital and enhance liquidity [1] - Proceeds from the sale will be used to fund the acquisition of new vessels, further optimizing the fleet composition [1] - The company will continue to monitor the current market conditions in the shipping industry and adjust its fleet composition as necessary [1]

Core Viewpoint - The company, Seacon Manila Ltd, a wholly-owned subsidiary, has entered into an agreement to sell a bulk carrier, SEACON MANILA, for $17.1 million, aligning with its strategy to optimize its fleet composition [1] Group 1: Transaction Details - The vessel, built in 2016, has a deadweight tonnage of 21,168 tons [1] - The sale price of the vessel is set at $17.1 million [1] - The vessel is currently leased to the seller under a bareboat charter agreement [1] Group 2: Strategic Implications - The sale aligns with the company's ongoing strategy to maintain a balanced fleet composition [1] - The transaction is viewed as an opportunity to sell the vessel at a reasonable price, which will improve the company's working capital position [1] - Proceeds from the sale will enhance liquidity and provide funding for the acquisition of new vessels [1] - The company will continue to monitor the current market conditions in the shipping industry and adjust its fleet composition as necessary [1]

Core Viewpoint - The company, Seacon Manila Ltd, a wholly-owned subsidiary, has entered into an agreement to sell a bulk carrier ship to BULK EXPORTS INTERNATIONAL INC. for a price of $17.1 million, which aligns with the company's strategy to optimize its fleet composition [1] Group 1: Transaction Details - The ship, named SEACON MANILA, was built in 2016 and has a total tonnage of 21,168 tons [1] - The sale price of the ship is set at $17.1 million [1] - The ship is currently leased to the seller under a bareboat charter agreement, and the seller will exercise a purchase option to acquire the vessel [1] Group 2: Strategic Implications - The sale is part of the company's ongoing strategy to maintain a balanced fleet composition and optimize its operations [1] - The transaction is expected to improve the company's working capital position and enhance liquidity [1] - Proceeds from the sale will provide funding for the acquisition of new vessels, further optimizing the fleet composition [1] - The company will continue to monitor the current market conditions in the shipping industry and adjust its fleet composition as necessary [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：2409） 須予披露交易 出售一艘船舶 Seacon Shipping Group Holdings Limited 洲際船務集團控股有限公司 出售事項 董事會宣佈，於2025年10月17日（聯交所交易時段後），賣方（本公司的間接全資 附屬公司）、買方及担保人訂立協議，據此，賣方同意出售而買方同意購買該船 舶，代價為17,100,000美元。 該船舶目前由擁有人根據光船租賃出租予賣方。賣方將根據光船租賃之條款按購 買選擇權價格購買該船舶。賣方透過行使購買選擇權擬購買之該船舶應根據協議 進一步交付予買方。 上市規則的涵義 由於參照上市規則第14.07條計算，出售事項的最高適用百分比率超過5%但低於 25%，故根據上市規則第14章，出售事項構成本公司的一項須予披露交易，須遵 守上市規則第14章的申報及公告規定。 由於參照上市規則第14.07條計算，有關行使購買選 ...

Group 1 - The Ministry of Transport announced a special port service fee for various types of vessels involved with the U.S., which may allow the company to gain more market share due to its efficient local operations compared to overseas competitors [1] - The shipping service business showed resilience despite a decline in market rates, with the Baltic Dry Index (BDI) and the Clean Tanker Index (BCTI) dropping by 30% and 32% year-on-year, respectively. The company's shipping revenue decreased by 23% to $80 million, with chartered vessel revenue down 26% to $30 million and controlled vessel revenue down 21% to $50 million [1] - The gross margin for chartered vessels increased by 2.4 percentage points to 4.1%, while the gross margin for controlled vessels decreased by 19.6 percentage points to 28.3%, indicating that the company's performance decline was less severe than the market rate drop [1] Group 2 - The company expanded its fleet size and improved the age structure of its vessels, controlling 38 vessels with a total capacity of 1.48 million deadweight tons, a 2.1% increase year-on-year. The average age of the fleet decreased from 6 years in 2024 to 5 years [2] - The bulk shipping market is expected to improve, with the BDI index showing a 5% year-on-year increase in Q3 2025, and the company is likely to benefit from this trend as bulk carriers constitute the largest portion of its fleet [2] Group 3 - The company's performance met expectations, with a revised average price growth forecast of 0% for 2025. The projected net profits for 2025-2027 are $47 million, $60 million, and $74 million, respectively, with a corresponding PE ratio of 6, 5, and 4 [3] - The company's PE ratio of 4.55 is significantly lower than the median and average PE ratios of comparable companies in the shipping and port industry, indicating over 20% upside potential [3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to benefit from the implementation of special port fees for U.S. vessels, enhancing the competitiveness of Chinese ship management companies [7] - The shipping service business demonstrated resilience despite a decline in market rates, with a year-on-year revenue decrease of 23% to $80 million in the first half of 2025 [7] - The ship management business saw a significant profit increase, with revenue rising 73% year-on-year to $57 million and a pre-tax profit increase of 104% to $8.1 million [7] - The fleet size is expanding, with an average ship age reduction from 6 years in 2024 to 5 years, improving market competitiveness [7] - The dry bulk shipping market is showing signs of recovery, with the BDI index increasing by 5% year-on-year in Q3 2025 [7] - The company's performance aligns with expectations, with revised profit forecasts for 2025-2027 indicating net profits of $47 million, $60 million, and $74 million respectively [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023A: $259 million - 2024A: $282 million - 2025E: $346 million - 2026E: $371 million - 2027E: $412 million [6][8] - Net profit forecasts are as follows: - 2023A: $21 million - 2024A: $70 million - 2025E: $47 million - 2026E: $60 million - 2027E: $74 million [6][8] - The company’s PE ratios are projected to be 6, 5, and 4 for 2025, 2026, and 2027 respectively, indicating significant upside potential compared to peers [7]

Core Viewpoint - The company, Intercontinental Shipping (02409.HK), has entered into a bareboat charter agreement for three bulk carriers, enhancing its fleet and operational capacity while ensuring capital liquidity and diversification [1][3]. Group 1: Charter Agreement Details - The company has signed a bareboat charter agreement with an owner for a bulk carrier with an estimated value of approximately $86.6 million, with a lease term of 180 months from the delivery date [1]. - The owner of the vessels is wholly owned by Bank of China Financial Leasing Co., Ltd., which is approximately 92.6% owned by Bank of China [1]. - The charterers are indirect wholly-owned subsidiaries of the company, primarily engaged in ship ownership and leasing services [1]. Group 2: Lease Payment Structure - The lease payments consist of fixed and variable components, with fixed payments structured as follows: $195,000 for the first three years, $260,000 for the second three years, $325,000 for the third three years, $390,000 for the fourth three years, and $455,000 for the final three years [2]. - The variable lease fee is calculated at a rate of 1.88% plus a reference rate on the outstanding principal balance of the lease [2]. Group 3: Strategic Implications - The bareboat charter arrangement aligns with the company's ongoing strategy to expand its controlled fleet by acquiring three bulk carriers, thereby increasing its bulk transport capacity [3]. - This expansion is expected to better meet market demand for large equipment shipping services, generate additional revenue, and create greater value and returns for shareholders [3].

Core Viewpoint - The company, Intercontinental Shipping (02409), has announced a bareboat charter agreement to lease a vessel, which aligns with its strategic goal of expanding its controlled fleet while maintaining capital liquidity [1] Group 1: Charter Agreement Details - The company has entered into a bareboat charter agreement with one of the owners for the leasing of a vessel [1] - The leasing involves three wholly-owned subsidiaries of the company: SEACON ATLANTA LTD., SEACON BARCELONA LTD., and SEACON COLOMPO LTD. [1] - The vessels are bulk carriers with a deadweight tonnage of approximately 40,400 dwt, constructed under respective shipbuilding contracts [1] Group 2: Strategic Implications - The bareboat charter arrangement is part of the company's ongoing strategy to enhance its controlled fleet by acquiring three bulk carriers [1] - This acquisition is expected to increase the company's bulk transportation capacity, allowing it to better meet market demand for large equipment shipping services [1] - The initiative aims to generate additional revenue and create greater value and returns for shareholders [1]

Core Viewpoint - The company, Intercontinental Shipping (02409), has announced a bareboat charter agreement to lease a vessel, which aligns with its strategy to expand its controlled fleet and enhance its bulk shipping capacity [1] Group 1: Charter Agreement Details - The company has entered into a bareboat charter agreement with one of the owners for a vessel to be leased to its three wholly-owned subsidiaries: SEACON ATLANTA LTD., SEACON BARCELONA LTD., and SEACON COLOMPO LTD. [1] - The vessel is a bulk carrier with a deadweight tonnage of approximately 40,400 dwt, constructed under the respective shipbuilding contracts [1] Group 2: Strategic Implications - This charter arrangement is part of the company's ongoing strategy to diversify and expand its controlled fleet while maintaining capital liquidity [1] - By acquiring these vessels, the company aims to increase its bulk transportation capacity, better meet market demand for large equipment shipping services, and generate additional revenue, thereby creating greater value and returns for shareholders [1]