Seaspan Orders Containerships

Container shipping operator Seaspan Corp. signed an order for four new container vessels to be built by Hyundai Heavy Industries Co. Ltd. in South Korea. Reuters reported that four 5,100 twenty-foot equivalent unit (TEU) container ships would cost approximately $83.4m each. The company, which has corporate headquarters in Vancouver, has arranged 12-year charters for the four vessels with Japan's Mistui O.S.K. Lines Ltd. at a per ship daily rate of $28,880. Each of the four ships should contribute between $8.5m and $9m annually in incremental EBITDA, or net earnings before interest, undrawn credit facility fees, taxes, depreciation and amortization of deferred financing fees. The ships will be delivered between April and December 2009. Including other container ships on order, this will bring Seaspan's fleet to 37 vessels. (Source: Reuters)