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Seaspan Adds 10 Containerships to Massive Newbuild Orderbook

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September 27, 2021

Containership leasing company Seaspan Corporation announced Monday it has entered into an agreement with another for ten new containerships, bringing its newbuild orderbook to 70.

Seaspan says the ten ships will in at 7,000 TEU capacity and will be scrubber-fitted. Deliveries are expected to take place in the second quarter through the fourth quarter of 2024 and, upon delivery, they will enter long-term charters with a leading global liner customer, the company said.

The company expects the ships to generate $1.4 billion of gross contracted cash flows over their minimum terms.

Including today’s announcement, Seaspan has now announced 70 newbuild orders since December 2020, adding about 839,000 TEU capacity on a fully delivered basis. The company did not disclose the shipyard for this latest order.

“This transaction further highlights Seaspan’s unmatched platform and competitive solutions that meet our customers’ needs,” said Bing Chen, Chairman, President and CEO of Seaspan. “With our previously announced order of fifteen 7,000 TEU dual fuel vessels, this newbuild order is further evidence of the deep customer demand for this vessel size, which is uniquely suited to replace the global fleet’s aging cohort of 4,000 to 9,000 TEU vessels.”

The containerships are anticipated to be financed from additional borrowings as well as cash on hand.

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