Seaspan Breaks One Million TEU Threshold with Quartet Purchase

ContainershipIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Hong Kong-based containership operator Seaspan Corporation is splashing approximately USD 367 million in cash to buy a fleet of four containerships.

The ships include four 12,000 TEU vessels, with three built in 2018 and one built in 2017.

The vessels, once delivered, will operate under long-term time charters with an undisclosed global liner, Seaspan said.

The vessel acquisitions are slated for delivery during March and April 2020, subject to customary closing conditions. ?

The purchase is expected to be financed from additional borrowings as well as cash on hand. ?

With the latest purchase, Seaspan’s global fleet will exceed one million TEU at 123 vessels and 1,023,000 TEU, bringing the total contracted revenue to USD 4.6 billion with a weighted average remaining lease period of approximately 4.2 years.

Seaspan has a pro forma market share of approximately 7.9 percent of the global fleet.

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