Containership leasing giant Seaspan Corporation, a wholly owned subsidiary of Atlas Corp. (NYSE: ATCO), reports that it has entered into an agreement with a major shipyard for the construction of eight newbuild scrubber-fitted containerships.
The transaction includes firm orders for four 12,000 TEU and four 15,000 TEU vessels plus an option for four additional 15,000 TEU vessels of similar build.
On completion, the vessels will enter long-term charters with a long-standing major liner Seaspan customer.
Deliveries are anticipated to begin in the second half of 2022 and extend through the third quarter of 2023.
“We continue to accelerate quality growth leveraging our industry-leading scalable and fully integrated platform, while strengthening our robust balance sheet and creative customer partnerships,” said Bing Chen, Chairman, President and CEO of Seaspan. “We continue to accelerate quality growth leveraging our industry-leading scalable and fully integrated platform, while strengthening our robust balance sheet and creative customer partnerships.
“It is through our profound partnerships with shipyards and liner customers, along with our highly experienced team’s world-class expertise in ship building, that enable us to develop win-win solutions for all stakeholders. Our recent 25 new builds and acquisition of two 2019 built 15,000 TEU scrubber-fitted containerships further solidify our core 10,000 – 15,000 TEU vessel segment, growing the category by 47%, to offer unmatched flexibility, versatility and best-in-class service capabilities.”
The vessels are anticipated to be financed from additional borrowings as well as existing liquidity. As of September 30, 2020, Seaspan’s global fleet consisted of 127 vessels and approximately 1,073,000 TEU, with total contracted revenue of approximately $4.1 billion, and a weighted average remaining lease period of approximately four years.
Since December 2020 and including this announcement, Seaspan has announced orders for 25 newbuild vessels and the acquisition in the secondary market of two 2019 build vessels, consisting of:
These new vessel additions will add 397,000 TEU to the Seaspan fleet, including 367,000 TEU from newbuild vessels and 30,000 TEU from acquired vessels. With these transactions, Seaspan will grow its core 10,000 to 15,000 TEU size segment by 47%, adding 25 vessels as well as adding two inaugural vessels in the ultra-large 24,000 TEU category.