Korean Shipbuilder Delivers 13,100 TEU Container Ship

Press Release
Thursday, March 15, 2012

Seaspan accepts delivery of a large container ship from Hyundai Heavy Industries

 Seaspan Corporation announce that it accepted delivery of a 13100 TEU containership, the COSCO Faith. The new containership, which was constructed by Hyundai Heavy Industries Co., Ltd., is Seaspan's second delivery in 2012 and expands the Company's operating fleet to 67 vessels.

The COSCO Faith is on charter to COSCO Container Lines Co., Ltd. ("COSCON") under a twelve-year, fixed-rate time charter. The ship is the sixth of eight 13100 TEU sister ships and the 16th of a total of 18 vessels to be chartered by Seaspan to COSCON.

Seaspan is a leading independent charter owner and manager of containerships, which it charters primarily pursuant to long-term fixed-rate time charters to major container liner companies. Seaspan's contracted fleet of 72 containerships consists of 67 containerships in operation and five containerships scheduled for delivery through 2014.

Seaspan's operating fleet of 67 vessels has an average age of approximately five years and an average remaining charter period of approximately seven years. All of the five vessels to be delivered to Seaspan are already committed to fixed-rate time charters between 10 and 12 years in duration from delivery.

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