containership underway

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Seaspan Acquires Two Scrubber-Fitted 15,000 TEU Containerships On Long-Term Charters

Mike Schuler
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March 3, 2021

Seaspan Corporation has announced plans to acquire a pair of 15,000 TEU scrubber-fitted containerships.

Seaspan, a wholly owned subsidiary of global asset manager Atlas Corp. (NYSE: ATCO), says the 2019-built vessels are on long-term charter with “a long-standing global liner customer” and feature industry-leading efficiency and emissions reduction technologies.

Delivery to Seaspan is planned for late in the second quarter of 2021.

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

As of September 30, 2020, Seaspan’s global fleet consisted of 127 vessels and approximately 1,073,000 TEU, with total contracted revenue of approximately $4.1 billion, and a weighted average remaining lease period of approximately four years.

Since December 2020, Seaspan has announced 17 newbuild vessels, including five 12,200 TEU, two 24,000 TEU, 10 15,000 TEU dual-fuel LNG, adding 289,000 TEU of capacity to its fleet. “With these transactions, Seaspan will add 17 vessels to its core 9,000 to 15,000 TEU size category, as well as add two inaugural vessels in the ultra-large 24,000 TEU segment,” the company said in a statement.

“This transaction further demonstrates our consistent quality growth through our creative customer partnerships despite the market cycles,” said Bing Chen, Chairman, President and CEO of Seaspan. “Seaspan’s fleet composition is optimized with each new vessel, enabling us to provide our customers with more scale, efficiency, flexibility and reliability. The additions of these high-quality vessels also extend our long-term contracted revenue profile. Together with our recent large number of upcoming newbuilds, we continue to consistently drive quality growth while further differentiating our fully-integrated service offerings and resiliency of our business model.”

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