Gelonghui, Feb. 27 | Union International Education Leasing (01563.HK) announced that on August 21, 2023, SPV1 (1), a wholly-owned subsidiary of the fund, signed the first memorandum of agreement with Xiehai Explorers. According to this, SPV1 (as the buyer) agreed to buy, and Xiehai Explorers (as the seller) agreed to sell the first ship; and (2) entered into a bareboat lease I with XH Union Shipping (as the charterer).
As of the date of this announcement, the acquisition of the first ship has been completed. The first ship acquired under the first memorandum of agreement was a ship with a gross tonnage of 88,594 tons and a net tonnage of 58,558 tons built by Global TSU Shipyard in 2003. According to the first memorandum of agreement, the cost of the first ship was $16.5 million.
On February 27, 2024, SPV2 (1), a wholly-owned subsidiary of the fund, entered into a replacement agreement with Xiehai Pilots and Fond Marine, which included: SPV2 (as the new lessee) should assume all the obligations and responsibilities of the Xiehai Pilot (as the original lessee) and enjoy all rights and claims under the original charter of the second ship; (2) with Xiehai Pilots (as the charterer) entered into a bareboat lease II for the second ship. Under Bareboat II, SPV2 was granted the right to sell as an option. The expiration date of the agreed lease period will The sale of the second ship to the Co-Seas Navigator; and (3) the preparation of relevant documents relating to the second ship.
The second ship to be acquired under the replacement agreement is a bulk carrier with a gross tonnage of 88,853 tons and a net tonnage of 58,005 tons built by Shanghai Waigaoqiao Co., Ltd. in 2005. According to the replacement agreement, the cost of the second ship was $17.5 million.