Atlas Corporation subsidiary Seaspan has signed an agreement with a key shipyard for two 24,000 twenty-foot equivalent (TEU) containerships.

The newbuilds are expected to be delivered in the first half of 2023.

Seaspan said that the two containerships will have efficient emissions reduction technologies.

Once built, the containerships will be commissioned to a global liner client for 18 years.

The vessels are expected to be financed from cash on hand and additional borrowings.

Seaspan chairman, president, and CEO Bing Chen said: “By combining our key core competencies of creative partnerships, quality growth, and disciplined capital allocation, we have developed compelling newbuild opportunities to continue to fuel the company’s growth and enhance our competitive advantages.

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“With newbuild slots scarce in today’s market, we have been consistently meeting our liner customers’ needs while maintaining our return discipline and prudent capital allocation. Upon their completion, these seven best-in-class newbuild vessels are scheduled to consistently add to our fleet, beginning late this year and extending through 2023, supporting our strategies to continue generating quality growth and creating value for our shareholders.”

In December last year, Seaspan signed purchase orders for the construction of five 12,200 TEU containerships.

The seven containerships will expand the capacity of the Seaspan’s fleet to 109,000 TEU over the next two years.

Furthermore, the ships will boost Seaspan’s core 9,000 to 15,000 TEU size category and add a new ultra-large category.

Seaspan’s global fleet includes nearly 127 vessels with approximately 1,073,000 TEU capacity.