Seaspan expands Chinese orderbook with fresh contract for a dozen 9,000-TEU vessels

On 15 August, Seaspan concluded an agreement with China State Shipbuilding Corp (CSSC), for the construction of 12 conventionally fuelled ships with dual-fuel readiness. The deal was settled through a cross-border RMB transaction facilitated by ICBC Financial Leasing.

The company has steadily strengthened its relationship with CSSC, placing multiple orders across its various subsidiaries. In October 2024, Seaspan ordered six 13,600-TEU ships from Hudong-Zhonghua, also denominated in RMB rather than US dollars. More recently, it contracted CSSC’s Shanghai Waigaoqiao Shipbuilding for six 11,400-TEU container vessels.

According to Chinese media, Seaspan’s current newbuilding programme in China comprises 41 ships scheduled for delivery by 2029. The company currently operates a fleet of more than 200 container vessels, as stated on its official website.

Market momentum shifts

The order marks a departure from the recent trend, where momentum in the newbuilding market has largely favoured feeder and mid-size container ships.

While the number of firm orders this week was limited, overall interest in both feeders and mid-size vessels remains high, whereas demand for larger vessels above 10,000 TEU has cooled in recent weeks, noted MB Shipbrokers in its latest weekly report.

Recent contracts reflect this trend: TS Lines has ordered four 5,300-TEU ships from CSSC’s Huangpu Wenchong Shipbuilding, while Ningbo Ocean placed an order for four firm and two optional 4,300-TEU vessels at the same yard.

According to Xclusiv Shipbrokers, 242 container ships have been ordered globally so far this year. By the end of July, the orderbook-to-fleet ratio stood at 31% in TEU terms, a notable increase from 22% during the same period in 2024.