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May 19, 2022

Seaspan orders four new dual-fuel LNG boxships

Seaspan will receive the new LNG vessels in the third and fourth quarters of 2024.

Global containership lessor Seaspan has reached agreements with an undisclosed shipyard for the construction of new liquefied natural gas (LNG) vessels.

The scope of the contract includes the construction of four ultra-modern 7,700 twenty-foot equivalent unit (TEU) dual-fuel LNG containerships.

Seaspan is expected to receive the new vessels in the third and fourth quarters of 2024.

Upon receiving the vessels, the company will sign long-term charter agreements with a major global liner customer.

Seaspan stated: “The charters include purchase obligations at the conclusion of the charter terms, and will contribute approximately $0.95bn of gross contracted cash flow.”

The company will fund the transaction, which is subject to closing conditions, using its current liquidity and cash flow from operations, as well as additional borrowings.

Seaspan deals with long-term and fixed-rate leases with major container shipping liners globally.

The company’s operating fleet at the end of March included 132 vessels with a total capacity of 1,147,980TEU, as well as another 67 vessels under development.

After receiving all ships currently on order, the company’s total fleet capacity will grow to 1,959,380TEU.

Earlier this month, Greek shipping firm Euroseas agreed to buy two Seaspan intermediate size container vessels, namely M/V Seaspan Manila and M/V Seaspan Melbourne.

The vessels, with a capacity of 4,250TEU each, were purchased for $37m.

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