Seaspan Newbuild & Time Charter

Friday, June 04, 2010

Seaspan Corporation (NYSE:SSW) announced that it purchased and accepted delivery of one 4250 TEU newbuilding vessel for approximately $43m constructed by Zhejiang Shipbuilding Co., Ltd. of China. The company also announced that it is finalizing the terms of a time charter for the vessel with United Arab Shipping Company (UASC), a liner company jointly owned by six Arab states. Seaspan expects the time charter to be for a two-year period commencing between July 1, 2010 and July 15, 2010 at a rate in excess of $20,000 per day.

Seaspan funded the purchase of the vessel with existing credit facilities and with equity raised from the sale of $26m of Series B non-convertible perpetual preferred shares issued to Jaccar Holdings Limited, an investor related to Zhejiang Shipbuilding Co., Ltd. The preferred shares are redeemable by the Company at any time and carry an annual dividend rate of 5% of the liquidation value until June 30, 2012, 8% from July 1, 2012 to June 30, 2013, and 10% from July 1, 2013 thereafter.

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Technip Wins Jurong's FPSO Conversion Contract

Technip has been awarded a topsides detailed engineering and procurement services contract by Jurong Shipyard Pte Ltd. The project is part of the conversion of a shuttle tanker into a floating,

Samsung Bags Order for Decks on Johan Sverdrup

Statoil, on behalf of the Johan Sverdrup license, has awarded Samsung the contract for decks for both the process and riser platforms.  The total contract value is NOK 7 billion.

Wartsila Tunnel Thruster Gets LR Approval

Wartsila has successfully passed the final step of the Lloyd's Register (LRS) classification society's Type Approval process to obtain an LR Type Approval Certificate

Vessels

Boskalis Wins Portsmouth Channel Expansion Order

Royal Boskalis Westminster N.V. (Boskalis) has been awarded a contract from the Defence Infrastructure Organisation of the Ministry of Defence for the capital

Wartsila Tunnel Thruster Gets LR Approval

Wartsila has successfully passed the final step of the Lloyd's Register (LRS) classification society's Type Approval process to obtain an LR Type Approval Certificate

ShipServ opens Singapore office

ShipServ, the leading marine and offshore marketplace with an expected annual trade of $3bn in 2015, has cemented its position in Asia with the opening of a new office in Singapore.

 
 
Maritime Careers / Shipboard Positions Maritime Security Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0916 sec (11 req/sec)