Containership leasing giant continues newbuilding spree

Written by Marine Log Staff
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Bing Chen, Chairman, President and CEO of Seaspan Corporation

Within days of its last foray into the newbuilding market (see earlier story), containership leasing giant Seaspan Corporation has resumed its buying binge, announcing today that it has entered into agreements with a major shipyard for six 15,000 TEU box ship newbuilds.

They are anticipated to begin deliveries in the fourth quarter of 2023, and upon completion will enter long-term charters with a global liner operator.

“With our recently announced 31 newbuilds, it is a strong testament to the trust our customers have in our long-term partnerships,” said Bing Chen, Chairman, President and CEO of Seaspan. “I am extremely proud of our team who has flawlessly executed these complex projects leveraging our operational excellence and fully integrated platform. I am confident that the relentless focus on our core competencies prove our resiliency and ability to achieve quality growth despite all market challenges and cycles.”

The containerships are anticipated to be financed from existing liquidity and additional borrowings.

Seaspan says it continues to enhance its fleet composition with continued focus on its core 10,000 to 15,000 TEU size category.

Since December 2020 and including today’s announcement, Seaspan has announced 31 newbuild orders and the acquisition of two second-hand vessels built in 2019.

As of September 30, 2020, Seaspan’s fleet consists of 127 containerships, representing a total capacity of approximately 1,073,000 TEU. Seaspan’s operating fleet of vessels has an average age of approximately seven years and an average remaining lease period of approximately four years, on a TEU-weighted basis.

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