Seacon Shipping Group Holdings Limited (SEACON) released its unaudited interim results for the six months ended 30 June 2026.
Revenue and Earnings – Revenue jumped 50.9% year on year to USD 207.35 million, driven by stronger shipping rates and expansion of both controlled and chartered-in fleets. – Gross profit rose 61.6% to USD 44.48 million, lifting the margin to 21.5% (1H25: 20.0%). – Net profit reached USD 29.45 million, an increase of 27.9%. Earnings per share were USD 0.057 (1H25: USD 0.039). – EBITDA advanced 54.9% to USD 70.00 million, underscoring resilient operating cash-flow generation.
Segment Performance – Shipping Services revenue surged 58.3% to USD 127.45 million; segment profit before tax climbed 60.4% to USD 25.24 million, aided by higher freight rates and a younger, larger fleet. – Integrated Maritime Services revenue expanded 40.5% to USD 79.90 million; segment profit before tax declined 43.6% to USD 4.57 million as headcount and operating costs rose to support network growth.
Fleet and Orderbook – Controlled and joint-venture fleet grew to 53 vessels with total capacity of 1.83 million dwt, up 23.6% year on year; average fleet age fell to 3.8 years (1H25: 5.0 years). – Orderbook stands at 28 newbuilds (12 bulk carriers, 8 chemical tankers, 4 MR product tankers, 3 LNG bunkering vessels, 1 electric container vessel) representing 0.85 million dwt and 59,800 cbm for delivery between 2H26-2028.
Financial Position – Total assets increased 8.6% since end-2025 to USD 1.05 billion, while total liabilities rose 8.1% to USD 757.94 million. – Cash and cash equivalents edged up 3.8% to USD 52.95 million. – Gearing ratio (total liabilities/total assets) eased slightly to 71.9% (FY25: 72.2%). – Capital commitments for vessel construction total USD 291.90 million, mainly for 12 ships scheduled through 2028.
Subsequent Events – July 2026: Agreement to sell one vessel for USD 41.60 million and two newbuild contracts for bulk carriers totaling USD 66.00 million. – August 2026: Exercise of early purchase options for four vessels for USD 107.90 million, accompanied by sale-and-leaseback deals with new owners.
Dividend – The board declared no interim dividend for the period.
Outlook Management plans to maintain a balanced “controlled + chartered-in” fleet strategy, continue digitalisation initiatives, and pursue green-fuel vessel opportunities while monitoring geopolitical and regulatory developments.