Seaspan Buys Two Ships

Wednesday, February 15, 2006
Seaspan Corporation announced that it has agreed to purchase two new building vessels from affiliates of Conti Holding GmbH & Co. KG of Germany, increasing Seaspan’s total fleet to 25 vessels. Seaspan will acquire the two 3,500 TEU vessels upon their delivery in February and July 2007 respectively from Zhejiang Shipbuilding Co. Ltd. in China. The total delivered cost is expected to be approximately $50 million per vessel, subject to certain pre-delivery expenses remaining at budgeted levels. Seaspan also announced that it has arranged simultaneous twelve-year charter agreements for these vessels with Cosco Container Lines Co., Ltd. at $19,000 per day. Seaspan Management Services Limited will supervise the construction of the new vessels and operate both ships for Seaspan at an initial fixed rate of $4,200 per day. Each new vessel is expected to contribute between $5 million and $5.5 million in incremental EBITDA per annum upon delivery. This will result in an increase in distributable cash when the vessels are delivered and operating.

Ship Sales

Securing the Scorpene: DCNS to Move Court

The French shipbuilder DCNS plans to seek an injunction to prevent further publication of information contained in 22,400 secret documents about stealth submarines built for India,

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

STX to Slash Jobs, Sell Yard

To stay above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Maritime Safety

New Offshore Gangway Launched at ONS

The new Barge Master Gangway will be presented at the joint booth of Barge Master and Bosch Rexroth during the international offshore trade exhibition ONS (Offshore Northern Seas) in Stavanger.

Caribbean Fantasy Fire Extinguished

A fire that broke out aboard the passenger vessel Caribbean Fantasy at 7:42 a.m. on August 17 has been extinguished, and the vessel has been moored safely in port.

Indian Cargo Ship Sinks Off Oman

An Indian cargo ship loaded with vehicles and food supplies destined for Yemen sank on Saturday off the coast of Oman but without loss of life, Oman’s ONA state news agency reported.

 
 
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