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SEASPAN FURTHER INCREASES ITS RECORD ORDERBOOK WITH FIVE DUAL-FUEL NEWBUILDS

SEASPAN FURTHER INCREASES ITS RECORD ORDERBOOK WITH FIVE DUAL-FUEL NEWBUILDS

Thursday, September 2, 2021 

Seaspan Corporation, a wholly owned subsidiary of Atlas Corp, has announced its intention to build five more dual-fuel containerships, following an agreement with ZIM Integrated Shipping Services which has exercised an option for long-term (12-year) charters of the five newbuilds.

Seaspan is to enter into agreements with an as-yet unspecified major shipyard to construct the five 7,000 TEU vessels, which will have dual fuel LNG engines. The ZIM option  has been exercised through an agreement to charter 10 vessels of the same class announced earlier this year. These latest newbuild boxships - valued at about US$ 530m - are anticipated to be delivered during the third and fourth quarters of 2024, and Seaspan says they will be financed from existing liquidity, cash flow from operations, and additional borrowings.

Bing Chen, Chairman, President and CEO, Seaspan, said: “We continue to create value for our customers through differentiated services, operational excellence, and the ability to implement solutions tailored to our customers’ changing requirements. The exercise of this option, with valuable vessel deliveries at competitive pricing, highlights the continued quality growth for both companies. The advanced design of these vessels demonstrates Seaspan and ZIM’s leadership in ESG initiatives and a more sustainable industry. With strong customer interest in this vessel size, we consider this category to be the natural successor to the aging global fleet of conventional vessels between 4,000 and 9,000 TEU.”

Since December 2020, and including this announcement, Seaspan has announced 60 newbuild vessel orders and the acquisition of four second-hand vessels, all four of which have since been delivered.

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