Seaspan Orders Four Fuel Efficient, 10,000 TEU Containerships

Seaspan’s SAVER hull design was developed with a low cost profile in mind.

New York-listed Seaspan Corporation (NYSE: SSW) announced Wednesday that it has signed contracts for the construction of four fuel efficient 10,000 TEU containerships and also agreed to purchase of four second hand vessels from MOL.

The 10,000 TEU ships will be built at Jiangsu New Yangzi Shipbuilding Co. and Jiangsu Yangzi Xinfu Shipbuilding Co. in China and are scheduled for delivery in 2014. The newbuildings 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 that the newbuildings have been signed to long term, fixed-rate time charters with Mitsui O.S.K. Lines.

Seaspan also says that it has agreed to purchase from MOL four 2003-built 4,600 TEU class vessels, which will enter into short-term fixed-rate time charters with MOL upon their delivery in the second half of 2013 and first quarter of 2014.

Today’s announcement comes on the heels of Seaspan’s order of five SAVER 14,000 TEU ships from Hyundai Heavy Industries announced earlier this month. Upon delivery in 2015, those vessels will enter into 10-year, fixed-rate time charters with Yang Ming Marine Transport Corporation.

Seaspan’s manages a fleet of owned and third party vessels consisting of 89 containerships representing a total capacity of over 600,000 TEU, including 16 newbuild containerships on order scheduled for delivery by the end of 2015. Seaspan’s current operating fleet of 69 vessels has an average age of approximately five years and an average remaining lease period of approximately seven years.

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