Hong Kong bulker owner and operator Cetus Maritime is negotiating to acquire interests in 13 vessels from Hong Kong-listed Seacon Shipping, in a cash-and-shares transaction linked to the handysize specialist's planned overseas listing.

In a filing, Seacon disclosed that it is in discussions over the disposal of certain vessel-owning subsidiaries to Cayman-incorporated Cetus Maritime Holdings. Those subsidiaries hold interests in 13 ships, although the companies have not yet identified the vessels or disclosed their value. Under Hong Kong listing rules, the transaction would qualify as a major disposal for Seacon, a threshold that triggers shareholder disclosure and approval requirements for listed issuers.

Under the structure currently under discussion, approximately 30% of the consideration would be paid in cash. The remaining 70% would be settled in shares of Cetus or an affiliate, issued immediately before the buyer's intended initial public offering on an overseas stock exchange. Such share-based consideration would leave Seacon holding a stake in the enlarged, listed entity rather than exiting entirely, tying its return to the outcome of the IPO. The number of shares would be determined by the agreed net asset values of the respective fleets and corporate entities. No binding agreement has been signed, and Seacon cautioned that the transaction may not proceed.

If completed, the deal would represent another sizeable consolidation move for Cetus, which has been assembling a handysize and dry mini-focused platform through successive combinations at a time when dry bulk owners have pursued scale to strengthen commercial operations and fleet utilisation. The company was formed in 2023 through the merger of Asia Maritime Pacific and Hamburg Bulk Carriers. A year later, as reported by Splash, it combined with Chile's Nachipa Corp, creating what was then a 65-ship platform comprising around 40 owned vessels and 25 chartered units. Cetus followed that move last year by acquiring Australia's Rhumb Maritime, extending its commercial reach in the dry mini and handysize sectors.

The company currently describes its fleet as more than 40 ships ranging from 8,500 dwt to 45,000 dwt, with around 1.3m dwt of owned capacity.

Seacon, for its part, controlled 36 vessels and held interests in another 12 through joint ventures at the end of 2025. A successful 13-vessel transaction would therefore amount to a significant reshaping of its owned and affiliated fleet. The talks also signal that Cetus's long-anticipated overseas listing is advancing toward execution, with the Seacon deal positioned to feed fleet assets into the pre-IPO structure.

Source: Splash247