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SEASPAN ANNOUNCES NEWBUILD ORDER FOR 10 MORE CONTAINERSHIPS

SEASPAN ANNOUNCES NEWBUILD ORDER FOR 10 MORE CONTAINERSHIPS

Wednesday, September 29, 2021 

Seaspan Corporation, a wholly owned subsidiary of Atlas Corp, has entered into an agreement with an as-yet-unidentified major shipyard for 10 modern newbuild containerships each of 7,000 TEU capacity.

The vessels, which will be scrubber-fitted, are anticipated to begin deliveries in the second quarter and through to the fourth quarter of 2024. Upon completion, the Vessels will enter long-term charters with a leading global liner customer. Seaspan expects the vessels to generate $1.4 billion of gross contracted cash flows over their minimum terms.

Bing Chen, Chairman, President and CEO, Seaspan, said, “This transaction further highlights Seaspan’s unmatched platform and competitive solutions that meet our customers’ needs. With our previously announced order of 15 7,000 TEU dual fuel vessels, this newbuild order is further evidence of the deep customer demand for this vessel size, which is uniquely suited to replace the global fleet’s aging cohort of 4,000 to 9,000 TEU vessels.”

The vessels are anticipated to be financed from additional borrowings as well as cash on hand. With the addition of these vessels Seaspan will continue to expand its fleet within core strategic size segments. Since December 2020 and including this announcement, Seaspan has announced 70 newbuild orders, totalling 839,000 TEU capacity.

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