Seaspan Takes Delivery of New Containership

Tuesday, April 21, 2009

Seaspan Corporation (NYSE:SSW) has accepted delivery of the CSCL Callao, a 2500 TEU newbuilding. The new containership, which was constructed by Jiangsu Yangzijiang Shipbuilding Co., Ltd., expands Seaspan's current operating fleet to 36 vessels with 32 remaining newbuildings to be delivered over approximately the next three years. The CSCL Callao was delivered on April 8, 2009.

The CSCL Callao is subject to a time charter with China Shipping Container Lines (Asia) Co., Ltd. for a twelve-year period at a fixed rate. CSCL Asia is a subsidiary of China Shipping Container Lines Co., Ltd., the world's eighth largest liner company in terms of shipping capacity. Under the terms of the fixed-rate time charter, CSCL Asia is responsible for fuel costs and all cargo operating and related expenses.

Gerry Wang, Chief Executive Officer of Seaspan, commented, "The CSCL Callao is the seventh in the series of eight 2500 TEU vessels to be constructed for Seaspan by Jiangsu Yangzijiang Shipbuilding Co., Ltd. We are pleased with the quality and performance of our 2500 TEU vessels and with the strong relationship we have developed with the shipyard. With this delivery, we have increased our time charter coverage with CSCL, a major Chinese liner with whom we also have a strong relationship. Our 36 vessel operating fleet is on charter for an average remaining duration of approximately eight years with no expirations until 2011."

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