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THE CREDIT CRUNCH AND SHIPBUILDING
World shipyards have a record order backlog. What effect will the global credit crunch have?

No effect
A slow down in new orders
Cancellation of some existing orders
Cancellation of many exisiting orders

Marine Log

April 7, 2008

Seaspan plans to offer 7 million shares

Seaspan Corporation (NYSE:SSW) announced today that it plans to offer approximately 7,000,000 common shares in a registered public offering, subject to market conditions. In connection with the offering, the company expects to grant the underwriters an option to purchase up to 1,050,000 additional common shares to cover over-allotments, if any.

In addition and concurrently with the closing of the public offering, certain executive officers and directors of Seaspan, certain affiliates of Seaspan's manager and certain of their executive officers and Dennis Washington have agreed that they will purchase directly from Seaspan an aggregate of $18,075,000 worth of common shares at the public offering price.

Seaspan intends to use the net proceeds from the public offering and the concurrent sale for general corporate purposes, including repayment of indebtedness, capital expenditures, working capital and to make vessel acquisitions.

Merrill Lynch & Co., Citi and Goldman, Sachs & Co. will act as joint book-running managers of the public offering. Dahlman Rose & Company will act as manager.

Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan's contracted fleet of 68 containerships consists of 29 containerships in operation and 39 containerships to be delivered over approximately the next 4 years. Seaspan's operating fleet of 29 vessels has an average age of approximately 5 years and an average remaining charter period of approximately 8 years. All of the 39 vessels to be delivered to Seaspan are already committed to long-term time charters averaging approximately 11 years in duration from delivery. Seaspan's customer base consists of seven of the world's largest, publicly traded liner companies, including China Shipping Container Lines, A.P. Moller-Maersk, Mitsui O.S.K. Lines, Hapag-Lloyd, COSCO Container Lines, K-Line and CSAV

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