Cetus Maritime’s 13-ship gamble: the pre-IPO deal shaking dry bulk
Hong Kong’s Cetus Maritime eyes 13 vessels from Seacon Shipping in a cash-and-shares deal tied to its overseas listing.
Hong Kong-based bulker operator Cetus Maritime is in negotiations to acquire interests in 13 vessels from Seacon Shipping, a company listed on the Hong Kong stock exchange. The proposed deal involves a combination of cash and shares, linked to Cetus’s planned overseas initial public offering.
Seacon revealed in a regulatory filing that it is discussing the sale of certain vessel-owning subsidiaries to Cetus Maritime Holdings, a Cayman Islands-incorporated entity. While the specific ships involved have not been identified, the transaction would be classified as a major disposal under Hong Kong listing regulations. Neither the vessels nor their estimated value have been disclosed at this stage.
Payment structure and potential impact: Cetus Maritime
The proposed agreement outlines that approximately 30% of the transaction value would be paid in cash, with the remaining 70% settled through shares in Cetus or an affiliate. These shares would be issued just before the company’s planned IPO on an overseas exchange. The exact number of shares would depend on the agreed net asset values of the fleets and corporate entities involved.
No binding agreement has been finalized, and Seacon has warned that the deal may not proceed. If completed, however, the acquisition would significantly reshape Seacon’s fleet. As of the end of 2025, the company controlled 36 vessels and held interests in another 12 through joint ventures, meaning the sale of 13 ships would represent a substantial reduction in its owned and affiliated tonnage.
Cetus’s expansion strategy
The potential acquisition aligns with Cetus’s recent consolidation efforts in the dry bulk sector. The company was established in 2023 through the merger of Asia Maritime Pacific and Hamburg Bulk Carriers. A year later, it expanded further by combining with Chile’s Nachipa Corp, creating a 65-ship platform that included around 40 owned vessels and 25 chartered units.
Last year, Cetus strengthened its position in the dry mini and handysize markets by acquiring Australia’s Rhumb Maritime. The company currently operates a fleet of more than 40 vessels, ranging from 8,500 to 45,000 deadweight tonnes, with an owned capacity of approximately 1.3 million deadweight tonnes.
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