Seaspan Takes Delivery of First of 70 Newbuild Containerships

Containership leasing company Seaspan Corporation has announced the delivery of its first newbuild containership as part of its massive 70-ship-strong orderbook.

The new vessel, a one 12,200 TEU containership, is the first in a series of five newbuild containerships in the same class. The company says it will immediately begin a 18-year charter with an undisclosed “major liner customer.”

As we have reported, Seaspan’s newbuild orderbook has swelled to 70 ships since November 2020. The vessels, representing 839,000 TEU, will add over $11 billion of gross contracted cash flows and bring the fully delivered fleet to 1,959,200 TEU.

“This delivery marks a major milestone in Seaspan’s continuing quality growth and unmatched ability to best serve our customers,” said Bing Chen, Chairman, President and CEO of Seaspan. “About two months ahead of the scheduled delivery during a global pandemic is testament to how Seaspan creates value for our customers in a current vessel shortage market. I’m proud of our team’s supreme execution working with the logistical restrictions and our shipyard’s prioritizing of their limited resources to facilitate early delivery of this best-in-class vessel. This further demonstrates the capabilities of our fully integrated platform and resilient business model within the global logistics market.”

Seaspan Corporation is a wholly owned subsidiary of Atlas Corp. (NYSE: ATCO). The chart below shows Seaspan vessels still on order:

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