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TEN-SHIP ORDER FROM SEASPAN FOR 7,000 TEU DUAL-FUEL CONTAINERSHIP NEWBUILDS

TEN-SHIP ORDER FROM SEASPAN FOR 7,000 TEU DUAL-FUEL CONTAINERSHIP NEWBUILDS

Friday, July 9, 2021 

Seaspan Corporation, a wholly owned subsidiary of Atlas Corp, has announced that it has entered into long-term charters with ZIM Integrated Shipping Services relating to 10 7,000 TEU LNG-fuelled containership newbuilds.

Seaspan will enter into agreements with a major shipyard to construct the LNG Containerships, which are anticipated to begin deliveries in the fourth quarter of 2023 and through 2024.

Bing Chen, Chairman, President and CEO of Seaspan, said: “We are very pleased to collaborate with ZIM on this forward-thinking project which provides advanced designs, competitive pricing and valuable deliveries. We see these modern 7,000 TEUs to be the natural successor to the ageing global pool of conventional vessels in the 4,000 to 9,000 TEU range, where relatively little fleet renewal has taken place. We are experiencing strong customer interest for this vessel size.”

Graham Talbot, CFO Seaspan, said: “We continue to execute on our growth plan in a prudent manner. In line with all of our vessel investments, we have de-risked the US$ 1.05bn billion capital expenditure associated with the dual-fuel LNG Containerships by signing long-term charters with a leading global liner representing approximately US$ 1.8 bn of contracted cash flow. We intend to maintain balance sheet and risk management integrity while continuing the growth track that we have established over Seaspan’s 20-year history. We remain diligent on our path toward an investment grade credit rating, and operational scale will play an important role in this pursuit.”

Since December 2020, and including this announcement, Seaspan has announced 55 newbuild vessel orders and the acquisition of four second-hand vessels, all four of which have since been delivered.

Concurrently, Seaspan has taken delivery of two 2019-built 15,000 TEU scrubber-fitted containerships which are on a long-term charter with a long-standing global liner customer.

Chen said: “This acquisition, together with our previously announced newbuilds, proves our resilient business model in delivering consistent quality growth in all market conditions. Seaspan’s market leading position brings us attractive proprietary opportunities from all industry participants. Our quality growth further enhances our scale, flexibility, and reliability while extending our competitive lead and advantages in the market.”

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