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April 6, 2021

Seaspan to acquire two 8,500 TEU containerships

Independent owner and operator of containerships Seaspan has signed an agreement to purchase two 8,500 twenty-foot equivalent unit (TEU) scrubber-fitted containerships.

Independent owner and operator of containerships Seaspan has signed an agreement to purchase two 8,500 twenty-foot equivalent unit (TEU) scrubber-fitted containerships.

The vessels, slated to be delivered in this quarter, will be on long-term charters with an undisclosed global liner.

The company will fund the acquisition from additional borrowings as well as cash on hand.

Seaspan chairman, president and CEO Bing Chen said: “I am extremely proud of our team’s consistent delivery of creative customer partnership in all market conditions.

“Through our broad scale, reliable services and quality solutions, Seaspan continues to develop the win-win solution to our global liner customer to facilitate their business successes in the face of tight supply market dynamics.

“We are confident about the prospect of continued quality growth and value creation for our shareholders throughout the market cycles.”

As of 31 December 2020, the Seaspan fleet comprised 127 vessels and around 1,073,200 TEU. Since then, the company has announced the addition of a total of 597,000 TEU represented by 41 vessels, which include the latest two additions.

Last month, Seaspan signed agreements with a major shipyard for six 15,500 TEU containership newbuilds.

The company also signed deals to acquire another six 15,000 TEU containership newbuilds earlier in the year.

Overall, the new acquisitions are set to increase the Seaspan total fleet capacity to 1,670,200 TEU, on a fully delivered basis.

Seaspan is a wholly owned subsidiary of global asset management company Atlas. The company leases its vessels to major shipping lines with ship management services.

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