Hong Kong-based Seaspan Corporation has taken delivery of four high-quality, eco-modern container vessels and deployed each on a five-year time charter with an unnamed global liner company
Of the four, 12,000-TEU vessels the company acquired, three were built in 2018 and one in 2017. Seaspan’s global fleet now consists of 123 vessels representing total capacity of 1,023,000 TEU. The company has approximately 7.8% of the container ship market.
In connection with the delivery of the four vessels, Seaspan had previously announced closing four flexible finance lease transactions with an unnamed financial institution for proceeds totalling US$340M. The company is obligated to purchase the vessels at a predetermined price at the conclusion of the initial 10-year term.
Atlas Corporation president and chief executive Bing Chen said the acquisition, financing and subsequent charters demonstrated the company was able to withstand the current environment caused by Covid-19 to deliver value to its shareholders.
Mr Chen said “We remain focused on facilitating our global liners’ success through our consistent operational excellence and creative long-term partnership. Seaspan, in turn, has grown its total contracted revenue by approximately US$300M while further optimising our fleet, strengthening customer partnerships, enhancing portfolio diversification, as well as expanding innovative financing of US$340M for these vessels amid the current tightening of the capital markets.”
Seaspan Corporation is a subsidiary of Atlas Corporation, a global asset management company. In January Seaspan pulled out of a proposed plan to invest US$200M in the Swiber Group.
Riviera will host a webinar on how Covid-19 will transform your vessel operations over the next 24 months on 20 May. Register your interest now