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 August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

VT Halter to Build Bouchard ATB Tugs

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), today announced new contracts to build two 130-foot Articulated Tug Barge

Del Mar Signs Agency Agreement with Ciramar

Del Mar Marine Corp. announced it has signed an agency agreement with Ciramar Shipyards allowing the company to promote Ciramar Shipyard´s docking and facilities

Bouchard Orders Two Newbuild ATB Tugs

Morton S. Bouchard III, President and CEO of Bouchard Transportation Co., Inc., today announced the next step in Bouchard Transportation Co., Inc.’s ongoing fleet

Vessels

Fraser Yachts' 5th Sale in 10 days

Fraser Yachts announced this morning its fifth yacht sale in just ten days. Whilst the summer period is traditionally a quieter time for yacht sales 2014 seems

Bouchard Orders Two Newbuild ATB Tugs

Morton S. Bouchard III, President and CEO of Bouchard Transportation Co., Inc., today announced the next step in Bouchard Transportation Co., Inc.’s ongoing fleet

Great Lakes Shipyard Wins EPA Drydock Contract

Great Lakes Shipyard has been awarded a contract for the United States Environmental Protection Agency (EPA) vessel R/V Lake Explorer II. The scope of work will include drydocking,

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0755 sec (13 req/sec)