Seaspan Adds Five 10,000 TEU Containerships to Newbuild Orderbook

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September 30, 2013

Seaspan’s SAVER hull design was developed by MARIN and MARIC with a low cost profile in mind. Image credit: Seaspan Corp.

Seaspan Corporation (NYSE:SSW) announced Monday that it has exercised options for the construction of five 10,000 TEU class containerships at subsidiaries of Yangzijiang Shipbuilding in China.

The vessels will be built at Jiangsu New Yangzi Shipbuilding Co. and Jiangsu Yangzi Xinfu Shipbuilding Co. and are scheduled for delivery in 2015.

The ships will be constructed using Seaspan’s so-called SAVER design, a fuel efficient hull design developed by MARIN and Marine Design and Research Institute of China (MARIC).

Seaspan says it expects to sign long-term time charters for these vessels with one of the liner majors in the near term.

The order follows a January 2013 order from Seaspan for construction of four similar ships at the yards. Seaspan has said previously that those newbuildings have already been signed to long term, fixed-rate time charters with Mitsui O.S.K. Lines.

At present Seaspan’s managed fleet consists of 104 containerships representing a total capacity of over 790,000 TEU, including 31 newbuilding containerships scheduled for delivery to Seaspan and third parties by the end of 2016. That also includes eight 14,000 TEU SAVER-design ships on order from Yangzijiang Shipbuilding and HHI with delivery scheduled for 2014 and 2015, respectively.

Seaspan’s current operating fleet of 71 vessels has an average age and remaining lease period (excluding the effect of charterers’ options to extend certain time charters) of approximately six years.

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