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].