Seaspan to acquire two vessels for $176m

1 October 2020 (Last Updated October 1st, 2020 12:03)

Atlas subsidiary Seaspan has signed an agreement to acquire two high-quality 12,000 twenty-foot equivalent unit (TEU) containerships as part of a cash transaction worth $176m.

Seaspan to acquire two vessels for $176m
Seaspan Corporation has 127 vessels in the fleet with a total capacity of 1,073,000 TEU. Credit: Avigator Fortuner / Shutterstock.

Atlas subsidiary Seaspan has signed an agreement to acquire two high-quality 12,000 twenty-foot equivalent unit (TEU) containerships as part of a cash transaction worth $176m.

The company plans to finance the acquisition with additional borrowings and cash on hand.

The vessel delivery is expected next month, subject to customary closing conditions.

Both vessels have been built in 2018 and will enter long-term time charters with a global liner.

With the acquisition, Seaspan’s total fleet has increased to 127 vessels with 1,073,000 TEU capacity.

Seaspan CEO, chairman and president Bing Chen said: “Our team continues to execute on growth through this acquisition, bringing the total to 15 high-quality vessels added to our fleet since December of 2019.

“Atlas’ robust liquidity position, disciplined capital allocation and consistent operational excellence have enabled our strategic expansion despite the unprecedented pandemic.

“We continue to create attractive opportunities to grow our businesses through long-term partnerships with our customers while providing best-in-class fully integrated services and creative solutions. We remain committed to delivering sustainable value to our stakeholders.”

Last month, Seaspan took the delivery of two containerships of 13,000 TEU.

One of the two vessels was constructed in 2010 while the other was built in 2011.

In July, the company signed an agreement to acquire the containerships in a $146m cash transaction.

In April, Seaspan received the delivery of the final four high-quality, eco-modern vessels, which started a five-year-term charter with a global liner.

Of the four 12,000 TEU vessels, three were constructed in 2018 and one in 2014.