Seaspan Accepts Delivery of Two New Vessels

Thursday, March 11, 2010

Seaspan Corporation (NYSE:SSW) announced the delivery of its 44th and 45th vessels, the Guayaquil Bridge and the COSCO Japan. The Guayaquil Bridge, a 2500 TEU vessel delivered on March 5, 2010, was built by Jiangsu Yangzijiang Shipbuilding Co., Ltd. It is on charter to Kawasaki Kisen Kaisha Ltd. (K-Line) of Japan under a ten-year, fixed-rate time charter. The Guayaquil Bridge is the first of seven Seaspan vessels to be chartered to K-Line. The 8500 TEU COSCO Japan, which was constructed by Hyundai Heavy Industries Co., Ltd., was also delivered on March 5, 2010. The COSCO Japan is on charter to COSCO Container Lines Co., Ltd. (COSCON) of China under a twelve-year, fixed-rate time charter. It is the third of eighteen vessels to be chartered by Seaspan to COSCON.

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