Seaspan continues ordering spree with 8 more boxships

March 4, 2021, by Naida Hakirevic Prevljak

Seaspan Corporation, a Hong Kong-based owner and operator of container vessels and part of Atlas Corp., has entered into an agreement with an undisclosed shipyard for the construction of eight scrubber-fitted containerships.

Illustration. Image by Kees Torn on Flickr under CC BY-SA 2.0 license

As informed, the transaction includes firm orders for four 12,000 TEU and four 15,000 TEU vessels plus an option for four additional 15,000 TEU boxships of similar build.

According to Seaspan, the ships will feature advanced efficiency and emissions reduction technologies and, upon completion, will enter long-term charters with a major liner company.

Deliveries of the containerships are anticipated to begin in the second half of 2022 and extend through the third quarter of 2023.

The vessels are anticipated to be financed from additional borrowings as well as existing liquidity.

As of September 30, 2020, Seaspan’s global fleet consisted of 127 vessels and approximately 1,073,000 TEU, with total contracted revenue of approximately $4.1 billion, and a weighted average remaining lease period of approximately four years.

Since December 2020 and including this announcement, Seaspan has announced orders for 25 newbuild vessels and the acquisition in the secondary market of two 2019-built vessels.

These new vessel additions will add 397,000 TEU to the Seaspan fleet, including 367,000 TEU from newbuild vessels and 30,000 TEU from acquired vessels.

With these transactions, Seaspan will grow its core 10,000 to 15,000 TEU size segment by 47%, adding 25 vessels as well as adding two inaugural vessels in the ultra-large 24,000 TEU category.

“Our recent 25 new builds and acquisition of two 2019 built 15,000 TEU scrubber-fitted containerships further solidify our core 10,000 – 15,000 TEU vessel segment, growing the category by 47%. We continue to stay focused on differentiating our value-added service offering, improving the resiliency of our business model, and extending our … operational excellence,” Bing Chen, Chairman, President and CEO of Seaspan, commented.