Seaspan signs $1bn container agreement with Export-Import Bank of China


Hong Kong-based container ship owner and operator Seaspan Corporation has entered into an agreement with the Export-Import Bank of China (CEXIM) for credit facilities up to $1bn.

Under the framework cooperation agreement, Seaspan will avail the CEXIM credit facilities for the purchase and construction of vessels from shipyards across China for the next three years.

Seaspan Corporation CEO, co-chairman and co-founder Gerry Wang said: "We appreciate the strong support Seaspan continues to receive from leading banks around the world.

"With the signing of this Framework Cooperation Agreement, we expect to be able to enhance our financial flexibility and increase our access to growth capital."

"We are pleased at the prospect of further strengthening our long-standing relationship with CEXIM, which began in the early 2000's and led to our first loan agreement in 2007.

"With the signing of this Framework Cooperation Agreement, we expect to be able to enhance our financial flexibility and increase our access to growth capital.

"Consistent with our disciplined strategy, we intend to continue to pursue attractive opportunities to grow our fleet and contracted revenue stream, which currently exceeds $6bn."

Subject to approvals by CEXIM and customary closing conditions, the transaction is expected to close soon.

Currently, the Seaspan Corporation has 118 containerships under management, besides a fleet of more than 80 vessels.

In addition, Seaspan is due to receive 20 new building containerships by the end of 2017.

Seaspan placed a $600m order with South Korean shipbuilder Hyundai Heavy Industries (HHI) in January 2013, to build five ultra-large container ships, including an option to order for five similar box ships.

The vessels are scheduled to be delivered from this year onwards.