Seamec Limited has informed the Exchange regarding 'Intimation on Intimation of Purchase of Vessel CHENNAI VALARACHI by SEARETE INDIA IFSC PRIVATE LIMITED ( SEARETE ) and Deployment on Bareboat Charter'.
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Seamec's joint venture company, SEARETE INDIA IFSC PRIVATE LIMITED (formed by Seamec International FZE, a wholly owned subsidiary of Seamec), has acquired the vessel 'CHENNAI VALARCHI' (IMO 9279537) from The India Cements Limited on June 16, 2025 for USD 7.875 million. Immediately after purchase, the vessel has been put on a bareboat charter with Foresee Shipping IFSC Private Limited, GIFT City, for 42 months at a daily hire of USD 7,156. The total charter income over the 42-month period is approximately USD 9.15 million. The deal effectively gives the JV a built-in revenue stream of about USD 1.275 million more than the purchase cost over the charter tenure.
The acquisition expands Seamec's vessel exposure through its JV and locks in ~USD 9.15 million of charter revenue over the next 3.5 years, improving earnings visibility. The transaction is asset-funded with a margin of roughly USD 1.3 million spread over the charter period, which should be modestly positive for Seamec's consolidated earnings.