Containership Deal Brings Seaspan’s Fleet Close to One Million TEU

container shipping
Photo: Avigator Thailand / Shutterstock

Hong Kong-based Seaspan has announced plans to purchase a fleet of six containerships that will bring its fleet close to one million TEU.

The six ships will be purchased on long-term charter for a total purchase price of approximately $380 million.

The addition of the ships will bring Seaspan’s total pro forma global fleet to 119 vessels and approximately 975,000 TEU, giving it a market share of 7.7 percent by total TEU capacity.

Seaspan says the acquired vessels are comprised of three 10,700 TEU ships built in 2012, two 9,200 TEU ships built in 2013, and one 9,200 TEU ship built in 2014. The vessels all currently operate under long-term charter with a leading global liner, according to Seaspan.

Closing of the deal and delivery of the vessels to Seaspan is expected in December 2019.

“This strategic transaction further demonstrates our core competency of allocating capital in a disciplined manner,” says Bing Chen, President and Chief Executive Officer of Seaspan. “Connecting this discipline with creative customer partnerships and proven operational excellence generates sustainable long-term value. This acquisition delivers a win-win outcome for one of our key financing partners, a key customer, and for Seaspan. Upon delivery of all vessels, we will grow our fleet to 119 vessels, and further cement Seaspan’s position as the leading global independent charter owner and operator of containerships. I’m proud of the Seaspan team for consistently leveraging our core competency in creating quality growth in container shipping and beyond. As consolidation continues to play out in the containership space, we’re well positioned to capture great opportunities in the second hand market and to pursue attractive new build programs.”