LC LOGISTICS subsidiary, Shandong LeCang, and Conglomerate Maritime have separately entered into framework agreements with Laudine Oceanway and Aludra Oceanway
LC LOGISTICS subsidiary, Shandong LC and Conglomerate Maritime have entered into a framework agreement with Laudine Oceanway and Aludra Oceanway, involving shipbuilding agreement terms replacement and payment arrangements. On the same day, LC LOGISTICS, Jiangnan Shipbuilding, and CSSC Trading also entered into agreement terms replacement agreements with Laudine Oceanway and Aludra Oceanway
According to the announcement released by LC LOGISTICS (02490) on the Zhitong Finance APP, on July 3, 2024, the company's wholly-owned subsidiary Lehang Boundless (as the original buyer under the shipbuilding agreement), Shandong Lechang (as the original performance guarantor under the shipbuilding agreement), and Conglomerate Maritime (as the proposed new performance guarantor replacing Shandong Lechang in the shipbuilding agreement) have separately entered into a framework agreement with Laudine Oceanway (as the proposed new buyer replacing Lehang Boundless for the vessel with ship number H2789) and Aludra Oceanway (as the proposed new buyer replacing Lehang Boundless for the vessel with ship number H2790). Lehang Boundless is required to make shipbuilding agreement duty replacements to Laudine Oceanway and Aludra Oceanway respectively in accordance with the duty replacement agreement, while Laudine Oceanway and Aludra Oceanway are to pay a total of USD 133 million (with Laudine Oceanway and Aludra Oceanway each paying USD 66.65 million) to Lehang Boundless.
Under the framework agreement, on the same day, Lehang Boundless, Jiangnan Shipbuilding, and CSSC Trading have separately entered into duty replacement agreements with Laudine Oceanway (as the proposed new buyer replacing Lehang Boundless for the vessel with ship number H2789) and Aludra Oceanway (as the proposed new buyer replacing Lehang Boundless for the vessel with ship number H2790). Laudine Oceanway and Aludra Oceanway will replace Lehang Boundless and take over all rights, responsibilities, and obligations of Lehang Boundless under the respective shipbuilding agreements.
As the group is more familiar with the shipbuilding conditions, on July 3, 2024, Laudine Oceanway and Aludra Oceanway have respectively entered into shipbuilding supervision agreements with Boya International Shipping. Boya International Shipping has been appointed by Laudine Oceanway and Aludra Oceanway to act on their behalf to supervise certain terms of the shipbuilding agreement (replaced by the duty replacement agreement), including monitoring the proper performance of the counterparty and following up on ship construction and delivery until Jiangnan Shipbuilding and CSSC Trading formally deliver the vessels
