Hong Kong-listed Seacon Shipping is refinancing four modern chemical tankers in a $103.4m sale-and-leaseback switch that will cut the margin on the vessels’ debt.

The Qingdao-based owner is exercising early purchase options on the 18，500 dwt Golden Banyan， Golden Cedar， Golden Maple and Golden Olive for a combined $107.9m， bringing to an end financing arrangements struck with AVIC-backed leasing companies in 2024.

Seacon will then sell the ships for $25.84m each and lease them back for another 10 years. Three vessels are moving to leasing vehicles controlled by Guangzhou Yuexiu Financial Leasing， while Golden Olive will be financed by Tianjin Maxwealth Changyang No.4 Leasing， part of Bank of Ningbo’s leasing operation.

The three Yuexiu-backed deals carry a margin of 1.65% over three-month term SOFR， with the Maxwealth facility priced at SOFR plus 1.8%. The existing AVIC-backed leases carry a 2.3% margin， giving Seacon a reduction of between 50 and 65 basis points.

The switch is expected to be completed by the end of August. Seacon said the refinancing would lower financing costs and improve its debt structure， liquidity and financial flexibility.

The quartet was originally ordered at Fujian Southeast Shipbuilding in February 2024 for $32.3m each， marking Seacon’s first move into tanker newbuildings. It is reported four months later that the company had financed the ships through 10-year sale-and-leaseback deals worth about $27.5m per vessel.

Seacon has continued to grow its tanker exposure， most recently acquiring the 2026-built chemical/oil tanker pair Golden Gerbera and Golden Osmanthus for $39.2m.