SeaLead exits Australian trade

SINGAPORE-based SeaLead Shipping will leave the Australian trade within months after being given notice by its CA2 service VSA partners.

DCN understands no direct reason has been given. Overseas maritime media have reported the company has faced operational challenges and potential regulatory scrutiny. At this stage, there is no confirmation that the company has entered insolvency or ceased operations.

Melbourne-based owners’ representative Anthony Orgill was unable to comment. A representative of SeaLead’s Australian agents Nautical Shipping referred DCN to Mr Orgill. DCN has sought comment from SeaLead headquarters.

Last week UK-based The Loadstar reported that SeaLead had curtailed parts of its operations, citing disruption linked to the closure of the Strait of Hormuz, which it said had stranded a number of vessels. The publication also reported the company was facing US legal action over alleged links to Iranian-associated entities. These claims have not been independently verified by DCN.

On 31 July last year, SeaLead cancelled charters of a number of containerships — variously reported as between 16 and 20 vessels — after the US Office of Foreign Assets Control (OFAC) identified them as linked to a Dubai-registered entity, Marvise SMC DMCC. OFAC has described that entity as part of a wider shipping network it alleges is associated with Mohammad Hossein Shamkhani.

OFAC has further alleged that this network has connections to Iranian shipping interests. The vessels, ranging from 1,700 to 7,000 TEU, had been chartered between 2022 and 2025 as SeaLead expanded its operations. According to available databases, only two vessels in the fleet were directly owned.

At the time, SeaLead said that “all charter parties and related contracts involving the affected vessels and entities have been terminated” and that it remained “fully committed to adhering to all applicable sanctions regulations and compliance requirements.”

Norwegian publication TradeWinds subsequently reported that US Department of Justice court filings alleged relationships between SeaLead and other entities extending beyond standard time-charter arrangements. According to that report, US authorities allege that certain shipping interests were transferred to SeaLead. These allegations remain before the court, have not been tested, and have not been proven.

Some industry participants told DCN there may have been concerns among CA2 consortium members about potential regulatory exposure, particularly in relation to US sanctions frameworks.

At this stage, the CA2 service is expected to continue, although SeaLead’s withdrawal is likely to create a gap following the removal of its chartered vessel, the 4,636 TEU Zhong Gu Nan Chang. Industry reports indicate the vessel may be returned to its owners, but this has not been independently confirmed by DCN. SeaLead’s final participation is understood to be Cycle 32.

A customer advisory from Yang Ming states that SeaLead has withdrawn from CA2 and that its vessel voyages will be blanked, with no replacement currently scheduled.

SeaLead entered the China–Australia trade in mid-March 2022 as a single-vessel contributor to the CA2 consortium. It later trialled an Australia–Subcontinent service between late 2022 and mid-2023, which was subsequently discontinued.

Founded in Dubai in 2017, SeaLead initially operated as a slot charterer before expanding into feeder and deep-sea services, with headquarters now in Singapore.

In February 2024, ownership of SeaLead transitioned to a group of investors including Eurasia Capital, HCP Investments, Access Capital Funds and Saral Incorp. VCC SubFund. At the time, the company said the change reflected its growth trajectory and future development plans.

SeaLead subsequently appointed a new board and leadership team. Earlier this year, CEO Suleyman Avci departed and was succeeded by chief operating officer Cho Kit Wei, with the company describing the transition as part of ongoing operational continuity.

Industry reporting in recent years has referred to allegations of links between SeaLead and Iranian-connected shipping interests. SeaLead has previously stated that it complies with all applicable sanctions and regulatory requirements. SeaLead has not been found to have breached any sanctions laws.