Seaspan Signs Contracts for 2 Vessels

Monday, April 02, 2007
Hong Kong-based container ship company Seaspan Corp. has signed contracts for two 2500 TEU vessels from Jiangsu Yangzijiang Shipbuilding Co. at an expected delivered cost of $46.4 million per vessel. Seaspan said the two new orders, scheduled for delivery in March and June, are on top of the eight 2500 TEU vessels it ordered last year from Jiangsu. The company said it has arranged simultaneous 10-year charter agreements for the two vessels with Japan's Kawasaki Kisen Kaisha Ltd. at a daily rate of $17,880. Seaspan said it expects each new vessel to contribute between $4.5 million and $4.9 million in annual earnings before interest, taxes and other payments. Source: AP

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