Seaspan Fleet Surpasses 1 Million TEU

Hong Kong-based owner and operator Seaspan has surpassed the one million TEU mark with the purchase of four modern containerships for approximately $367 million in cash, the company said Tuesday.

The four 12,000 TEU vessels come with long-term charter agreements with a leading global liner, Seaspan said. Three of the vessels were built in 2018, while one was built in 2017.

With the acquisition, Seaspan’s pro forma fleet will hit 1,023,000 TEU and 123 vessels for approximately 7.9% global market share.

“The acquisition of four high-quality, young, sizeable, eco-modern vessels marks our eleventh containership acquisition in the past five months, in aggregate adding approximately 117,000 TEU to our global fleet, which now exceeds one million TEU,” said Bing Chen, President and Chief Executive Officer of Seaspan. “With our unique business model backed by a strong balance sheet and robust cash flow, we will accelerate sustainable value creation through executing high-quality growth opportunities, as well as continue to be the trusted and preferred partner for our leading global liner customers.”

The addition of the four ships will bring Seaspan’s total contracted revenue to $4.6 billion with a weighted average remaining lease period of approximately 4.2 years, the company said.