LC Logistics, Inc. has signed two identical shipbuilding agreements with China Shipbuilding Trading Co., Ltd. and Shanghai Waigaoqiao Shipbuilding Co., Ltd. to purchase and construct two large container vessels (Hull Nos. H1664 and H1665) with a capacity of 11,000 TEUs each.
The aggregate contract value is US$236.00 million, or US$118.00 million per vessel. A US$3.00 million deposit paid under a December 2025 letter of intent will be credited against the first instalment. The payment schedule is structured as follows: 1) 20% (US$47.20 million) within three banking days of receiving a refund guarantee; 2) 10% (US$23.60 million) after first steel cutting; 3) 10% (US$23.60 million) after keel-laying; 4) 10% (US$23.60 million) after launch; 5) 50% (US$118.00 million plus any additional costs) upon delivery.
Delivery is slated for no later than 30 November 2028 for Hull H1664 and 30 April 2029 for Hull H1665.
Independent valuer VesselsValue Limited pegged each vessel’s fair market worth at US$126.86 million as of 8 December 2025, placing the agreed purchase price at roughly 7% below valuation. LC Logistics plans to fund the acquisition through internal resources and external financing; IPO proceeds will not be used.
Following delivery, group assets are projected to rise by about RMB 1.16 billion (US$236 million less US$70.80 million of cash outflow already earmarked), while net asset value is expected to remain broadly unchanged as increases in property, plant and equipment will be offset by lower cash balances and higher liabilities.
Management cites enhanced scale economies and operational flexibility as key drivers for the purchase. The new vessels will lower cost per TEU, support the company’s cross-border logistics services, and provide optional capacity for time-charter deployment during market fluctuations.
The deal qualifies as a “major transaction” under Hong Kong Listing Rules (percentage ratios exceeding 25% but below 100%). Shareholders controlling 55.39% of LC Logistics’ issued share capital have given written approval, satisfying shareholder-approval requirements without convening a general meeting.