SEAMEC Limited, a listed Indian offshore shipping and subsea services company, on June 17, 2025, informed the stock exchanges that its joint venture company SEARETE India IFSC Private Limited has acquired the vessel ‘Chennai Valarachi’ for a consideration of USD 7.875 million from The India Cements Limited. This acquisition marks another strategic step in SEAMEC’s expanding offshore asset portfolio and its growing presence in international maritime chartering.

The disclosure, filed with both BSE and NSE, stated that the acquisition was completed on June 16, 2025, and the vessel—bearing IMO number 9279537—has since been deployed on a bareboat charter basis to Foresee Shipping IFSC Private Limited, a company based in GIFT City, Gujarat, for a period of 42 months.

The charter hire rate is USD 7,156 per day, amounting to a total contract value of approximately USD 9.15 million over the 3.5-year period. The bareboat charter model, which allows full operational control of the vessel by the charterer without crew or technical management obligations from the owner, ensures long-term revenue visibility for SEARETE and by extension, SEAMEC Ltd.

Strategic Context of the Acquisition

This acquisition and charter deployment come in line with SEAMEC’s broader vision of leveraging strategic assets to enhance recurring revenues, while minimizing operational exposure. The USD 7.875 million acquisition demonstrates the company’s confidence in vessel market fundamentals and chartering demand.

According to the company, the transaction aligns with its offshore growth strategy and reflects a focused move into the bareboat chartering segment. By acquiring assets through SEARETE India IFSC—a joint venture of SEAMEC International FZE, itself a wholly-owned subsidiary of SEAMEC Ltd.—the company is also tapping into the tax-advantaged and regulatory-friendly framework of India’s GIFT City (IFSC zone).

Financial and Operational Highlights

• Purchase Price: USD 7.875 million (approx. INR 65.5 crore)

• Charter Hire: USD 7,156/day

• Charter Duration: 42 months

• Total Expected Charter Revenue: Approx. USD 9.15 million

• Net Revenue Over Cost: ~USD 1.275 million (excluding operational taxes, insurance, dry docking, and depreciation)

This revenue model offers a stable cash inflow, and over the term of the charter, the returns are expected to justify the acquisition price comfortably. The high-value daily charter hire also reflects strong demand for mid-sized vessels with capabilities like that of Chennai Valarachi.

Details About Chennai Valarachi

Although specifics of the vessel’s current specifications weren’t detailed in the regulatory filing, the IMO number 9279537 corresponds to a multipurpose dry cargo or cement carrier class vessel, often repurposed for industrial or support functions in offshore logistics.

This adds significant flexibility in usage, ranging from offshore project logistics, cement carrier operations, or potentially, subsea infrastructure deployments post-modification. It is believed that SEARETE may upgrade or convert the vessel based on market demand and client requirements.

Who is Foresee Shipping IFSC?

Foresee Shipping IFSC Private Limited, the entity entering into the charter agreement, is one of the newer operators set up within the Gujarat International Finance Tec-City (GIFT City) framework. GIFT City is increasingly becoming a hub for international maritime leasing, akin to models in Singapore and Dubai.

This charter arrangement is indicative of Foresee Shipping’s operational scaling and SEAMEC’s role as a reliable asset partner for emerging players in the Indian IFSC maritime leasing ecosystem.

Regulatory Communication and Compliance

The filing, signed by S.N. Mohanty, President – Corporate Affairs, Legal and Company Secretary of SEAMEC Ltd., reaffirms that the company received formal notification of the acquisition and charter deployment on June 17, 2025 at 11:39 hours, and has promptly disclosed it in accordance with SEBI Listing Obligations and Disclosure Requirements (LODR), Regulation 30.

This timely communication underlines SEAMEC’s adherence to regulatory standards and ensures that investors and stakeholders are informed of strategic developments.

About SEAMEC Ltd.

SEAMEC Limited is an offshore shipping company engaged in providing diversified services including subsea engineering, vessel management, offshore logistics, and marine asset deployment. It operates a fleet of multi-support vessels, diving support vessels, and ROV-equipped craft catering to the oil and gas industry, defense contracts, and other marine sectors.

The company is part of the MMK Group and has operational presence across the Middle East, India, and Southeast Asia.

• CIN: L63032MH1986PLC154910

• Registered Office: A-901-905, 9th Floor, 215 Atrium, Andheri Kurla Road, Andheri (East), Mumbai – 400093

• Official Website: www.seamec.in

SEAMEC is a certified IMCA member and complies with ISO standards for quality, environmental, and health-safety systems.

Conclusion

With the acquisition of Chennai Valarachi and its immediate charter deployment, SEAMEC Limited has not only enhanced its asset portfolio but also secured long-term revenue visibility. The move showcases SEAMEC’s strategic vision of capitalizing on vessel leasing opportunities through its IFSC-based joint ventures.

This deal is expected to positively contribute to the company’s top line, asset efficiency, and presence in the global marine chartering market. More importantly, it confirms SEAMEC's growing role in shaping India's offshore and maritime leasing ecosystem within the evolving GIFT City IFSC framework.

Disclaimer:
This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

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