Jinjiang’s Bangkokmax plan: a new intra-Asia capacity block on the drawing board
December 31, 2025
Jinjiang Shipping has put a fresh fleet expansion on the table: a board-approved plan to build four 1,800 TEU “Bangkokmax” containerships, with options for four more, backed by a total budget of up to RMB 1.94 billion (about $270 million). The company frames the move as targeted capacity for Southeast Asia routes, with an emphasis on scaling its higher-end service offering across more loops while tightening links between Northeast Asia and Southeast Asia.
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Jinjiang’s Bangkokmax plan in one quick read
Jinjiang Shipping has approved a newbuilding plan for four 1,800 TEU Bangkokmax containerships, with options for four more, under a total investment ceiling of up to RMB 1.94 billion (about $270 million). The company positions the ships for Southeast Asia services and broader route coverage.
- Scale
Four firm ships equal about 7,200 TEU of capacity. With all options, the block rises to about 14,400 TEU. - Commercial read
This is a frequency and network move. Bangkokmax-sized ships are typically aimed at regional loops where port limits and schedule reliability are key. - Industry ripple
Another order proposal in the regional segment signals continuing appetite for modern intra-Asia tonnage, even as larger-vessel headlines dominate elsewhere.
Bottom line
The plan is a targeted intra-Asia capacity build with a built-in “scale up” option. The biggest swing factors for market impact will be shipyard choice and delivery timing once those details are finalized.
The plan is a targeted intra-Asia capacity build with a built-in “scale up” option. The biggest swing factors for market impact will be shipyard choice and delivery timing once those details are finalized.
Seacon’s six ultramax resales, financed into a 15-year runway 2027 delivery window
The company is assuming six ultramax shipbuilding contracts and pairing them with sale-and-leaseback financing, turning a resale transaction into a long-dated fleet and liquidity plan.
Vessels
Six ultramax bulk carriers
Contracted build price
US$198.6m total
Delivery range
Jan 30 to Nov 30, 2027
Lease tenor
180 months from delivery
| Transaction snapshot Edit column widths with CSS variables | |||
| Item | Summary | How the structure works | Bottom-line effect |
|---|---|---|---|
| Scope and timing | Six 63,800 dwt bulk carriers under shipbuilding contracts, with deliveries scheduled from 30 January 2027 to 30 November 2027. | The contracts were assumed via novation. The prior buyer transfers rights and obligations, and the shipbuilding contracts continue under amended novation terms. |
Locks in a defined delivery window for fleet growth. Concentrates execution risk into a single program and a tight 2027 schedule.
|
| Price and milestone payments | US$33.1m per vessel, US$198.6m total. Payment schedule is four instalments tied to refund guarantee, steel cutting, keel laying, and delivery. | The largest cash point is the delivery instalment (US$19.86m per vessel). Earlier payments are smaller but still depend on guarantees and milestone confirmation. |
Improves planning visibility for cash calls. Delivery instalments remain the main liquidity test if funding conditions tighten.
|
| Resale paper angle | The prior buyer transferred the contracts at nil consideration and had not paid instalments under the original contracts. | Seacon steps into a clean contract position without inheriting paid-in amounts, then funds construction via its chosen financing route. |
Cleaner entry point than taking over a heavily pre-paid resale. Still requires strong build and delivery control from this point onward.
|
| Leaseback financing | For each vessel, Seacon sells the ship to leasing owners for US$28.135m and charters it back under a 180-month bareboat. | Sale-and-leaseback converts a large portion of construction cost into long-term scheduled hire. The company also provides a guarantee supporting obligations under the leasing documents. |
Reduces upfront equity pressure and supports liquidity. Adds long-dated payment obligations that run through market cycles.
|
| Hire profile and balloon | Hire includes a fixed component (US$285,583.33 per post-delivery payment period) plus a variable component at a 1.85% margin plus a 3-month term SOFR reference rate. A balloon amount of US$11.0m is due on the last day of the charter period. | The floating portion links part of cash cost to rates. The balloon keeps a higher financed amount for longer and shifts part of the paydown to the end of the term, alongside purchase mechanics. |
Rate moves directly affect variable hire. The balloon supports earlier flexibility but concentrates end-of-term planning and refinancing focus later in the lease.
|
| Options and end-game | Purchase options exist during the lease, with an obligation to buy at the end of the charter period under preset pricing mechanics. | This behaves like long-term financing with an operational wrapper. The lessor retains title during the lease; Seacon keeps commercial control through bareboat charter and a defined buyback path. |
Supports fleet continuity and marketing as effectively controlled tonnage. Concentrates long-range balance sheet decisions around maturity.
|
| Note: This block summarizes disclosed terms: six 63,800 dwt bulkers, US$198.6m aggregate shipbuilding consideration, deliveries from 30 January 2027 to 30 November 2027, and 180-month sale-and-leaseback structures including fixed and variable hire plus a US$11.0m balloon at end of term. | |||
📊Numbers board: build price versus leaseback proceeds
The leaseback sale price (US$28.135m per ship) does not fully cover the disclosed shipbuilding price (US$33.1m per ship). The difference is a simplified view of gap funding, before timing effects, fees, or other adjustments.
Quick read: at disclosed prices, the simple gap is about US$4.965m per ship, about US$29.79m across six ships, before timing, fees, and any contract adjustments at delivery.
🧮Leaseback gap quick check (editable)
Adjust the inputs to see how sensitive the gap is to price changes or different vessel counts.
Computed from your inputs:
Gap per vessel: US$4.965m
Gap total: US$29.790m
This is a simplified view that focuses on build price versus leaseback proceeds only.
🧭Industry angles stakeholders will track
- Fleet strategy: a six-ship ultramax series arriving in one year tightens operational planning, but strengthens commercial offering with a consistent platform.
- Financing posture: sale-and-leaseback lowers near-term cash pressure, but shifts emphasis to long-term hire discipline and rate sensitivity.
- Market exposure: if ultramax markets soften in delivery months, bareboat obligations remain, making utilization and charter cover more important.
- Execution focus: a tight delivery band increases the need for clear milestone control and refund guarantee coverage.
- Long-range planning: the balloon and end-of-term purchase mechanics concentrate residual-value and refinancing focus well before maturity.
🗓️Build and financing timeline to watch
- Late 2025 to early 2026: first instalments triggered after receipt of the relevant instalment refund guarantees.
- Construction milestones: steel cutting and keel laying trigger the next two instalments per vessel.
- 2027: deliveries staged from late January through late November.
- From each delivery: 180-month bareboat term starts, with fixed and variable hire plus purchase option mechanics during the term.
- End of each 180-month term: purchase obligation applies, with the balloon amount and other defined sums forming the end-payment package.
Jinjiang’s Bangkokmax proposal is a concentrated bet on intra-Asia network buildout, pairing a firm four-ship commitment with optional follow-on tonnage that can scale quickly if demand and trade coverage warrant it. The announcement focuses on Southeast Asia services and expanding premium-route capability, while the underlying numbers show a program that can materially lift capacity relative to the company’s current fleet footprint if the options are exercised.
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