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PCTC Signing. Image courtesy CNW Group/Atlas Corp.

PCTC Signing. Image courtesy CNW Group/Atlas Corp.

Seaspan Orders Up to Ten LNG-Fueled Car Carriers, Expanding Into New Market

Mike Schuler
Total Views: 1720
December 5, 2023

Seaspan Corporation, a leading containership owner and operator, is venturing into the car carrier market with an order for up to ten large LNG-fueled Pure Car and Truck Carriers (PCTCs).

The vessels, upon delivery, will enter into long-term charters Hyundai Glovis. They will rank among the world’s largest car carriers, boasting a capacity of 10,800 car equivalent units (CEUs).

The shipbuilding order was placed with China State Shipbuilding Corporation shipyard Shanghai Waigaoqiao Shipbuilding and initially calls for six ships with options for an additional four. These state-of-the-art dual-fuel LNG PCTCs will also be designed to accommodate methanol and ammonia as future fuel sources.

This order marks a a significant addition to Seaspan’s existing 70-vessel newbuild program, which already includes 25 dual-fuel LNG containerships. Although a specific delivery date was not provided, earlier this year Hyundai Glovis revealed plans to spend up to $1.8 billion on up to a dozen 10,800 CEU PCTCs for delivery in 2027. 

“This deal signifies our customers’ trust and value of Seaspan’s commitment and capability executing alternative fuel initiatives,” said Bing Chen, President and CEO of Seaspan. “By incorporating our extensive experience in dual-fuel LNG containerships, while working proactively with all stakeholders during this decarbonization journey, Seaspan is uniquely poised to contribute to the standards and progress of sustainable shipping.”

Seaspan’s Chief Commercial Officer, Kun Li, said partnering with Hyundai Glovis, a market leader in the PCTC sector, will help it leverage Seaspan’s integrated platform to support its strategic success.

“As jurisdictions seek to transition away from conventional fueled vehicles to electric vehicles, we see this as an opportunity to not only meet the current demand for sustainable shipping solutions but also support the global initiative for cleaner transportation alternatives,” said Li.

Seaspan, a subsidiary of asset manager Atlas Corporation, is the world’s largest global containership lessor, with a fleet of 142 vessels and a total capacity of 1,410,800 TEU as of September 30, 2023. Out of it’s 70-vessel newbuild program, an additional 47 vessels are already under construction, which will increase its total fleet capacity to 1,927,800 TEU by December 2024.

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