China’s Seacon Shipping has secured financing for one of its handysize bulk carriers under construction in Japan.

The Hong Kong-listed company said in a filing it had agreed to a $31.38m sale and leaseback deal for a 40，000 dwt bulker with Panama-incorporated Dawn Shipping and its Japan-based parent， whose ultimate beneficial owner is Kohei Kondo.

Seacon ordered a pair of handies at Japanese shipbuilder Namura in September 2023 for $67m with delivery between August 1， 2025， and October 31， 2025. The proceeds from the Dawn Shipping deal will be used to finance the vessel’s construction， Seacon said.

The Qingdao-based diversified owner and operator has financed most of its newbuilding projects via similar deals. In June last year， Seacon struck a $63.4m leaseback deal with Suyin Financial Leasing， involving two 42，200 dwt bulker newbuilds on order at Japan’s Tsuneishi Shipbuilding with delivery set for June and September this year.

The latest agreement will see the vessel bareboat chartered for 10 years upon delivery， with Seacon holding several purchase options worth between $17.1m and $29.2m depending on when it is exercised.