Seaspan books 27 dual-fuel containerships in a major fleet renewal push

Hong Kong-based containership owner Seaspan Corporation has entered into shipbuilding contracts for 27 dual-fuel containerships as part of its fleet expansion program.

As informed, the orders for vessels, ranging between 9,000 and 17,000 TEU, were placed in June this year. Seaspan’s parent company Atlas Corporation revealed the information in the US Securities and Exchange Commission filing.

Thirteen contracts were for four 9,000 TEU methanol dual-fuel containerships, four 9,000 TEU liquefied natural gas (LNG) dual-fuel containerships and five 17,000 TEU LNG dual-fuel containerships.

These contracts were thereafter novated to certain nominees. Upon delivery, these newbuilds will be chartered by the company from such nominees under bareboat charters and will then commence long-term time charters with a customer.

Furthermore, five contracts were placed for 17,000 TEU LNG dual-fuel containerships and five deals were for 16,000 TEU LNG dual-fuel containerships. Upon delivery, these ten newbuilds will commence long-term charters with an undisclosed client.

Four more agreements were signed for LNG dual fuel 9,000 TEU boxships. These contracts were thereafter novated to a customer, according to the company.

The Hong Kong-based shipowner did not reveal the name of the shipyard that will construct the vessels; however, data from VesselsValue suggests that some of the 9,000 TEU containerships could be booked at Jiangsu Yangzijiang in China.

The vessels will be delivered between 2027 and 2028 and each vessel will commence a long-term charter upon delivery.

During the first six months of 2024, Seaspan accepted the delivery of 18 newbuild vessels. Each of these vessels started long-term time charters upon delivery.

• Seaspan orders ten 7,000 TEU scrubber-fitted containerships
• Seaspan pockets $1.4 billion for newbuild LNG-fueled vessels
• Seaspan orders four LNG-fuelled boxships, closes $500M sustainability-linked private placement

As part of its decarbonization efforts, Seaspan recently revealed it is working on a new containership design. The vessel, measuring 198 meters in length and developed by Technolog, can be efficiently converted from LNG to ammonia fuel during its lifetime, trading efficiently in today’s market and being ready for the future. The design received approval in principle (AiP) from the UK classification society Lloyd’s Register (LR).

Seaspan has also committed five 10,100 TEU containerships powered by conventional S90 engines to be converted to dual-fuel engines capable of running on methanol.