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Gerry Wang News

01 Nov 2017

Seaspan Appoints Bing Chen As Chief Executive Officer

Seaspan Corporation announced that Bing Chen will be joining the Company as its Chief Executive Officer (CEO), and appointed to the Board of Directors in January, 2018. Gerry Wang will be retiring as CEO and Director of Seaspan effective November 3. Upon Wang’s retirement, Peter Curtis, executive vice president and chief operating officer, will also serve as Seaspan’s interim chief executive officer until Chen’s arrival, after which he will continue in his current role. David Sokol, Chairman of Seaspan’s Board of Directors, stated, "We are pleased to have reached a very successful conclusion to our CEO search, and to have a seasoned professional like Mr. Chen join our executive team. Mr.

30 Jul 2017

Seaspan CEO Gerry Wang to Retire

Seaspan Corporation announced that Gerry Wang, its Chief Executive Officer, Co-Chairman and Co-Founder, will retire from Seaspan effective December 31, 2017 to focus on family business investments and his ongoing charitable efforts. In order to facilitate an orderly transition, Wang will continue in his current role as CEO until the earlier of when a permanent CEO is identified or December 31, 2017, and will continue to serve on Seaspan's Board until the end of the year. Seaspan has commenced a search process to identify a new Chief Executive Officer. The Board of Directors has appointed David Sokol, a member of the Board of Directors and Executive Committee of Seaspan, as Chairman of the Board.

02 Nov 2016

Seaspan Declares Q3 Results

Seaspan Corporation announced its financial results for the three and nine months ended September 30, 2016. Revenue edged up thanks to new additions to its fleet, including the delivery of one newbuild vessel during the quarter. GAAP earnings plunged into the red with the company reporting a loss of $184 million, or $1.86 per share, as a result of $202.9 million in non-cash impairment charges it took after writing down the value of some of its smaller vessels. It has raised over $1.5 billion from capital markets, sale-leaseback, and other financing transactions during the first nine months of 2016. The company has achieved 8.9% reduction in ship operating expense per ownership day during the quarter ended September 30…

14 Sep 2016

Seaspan CEO: Hanjin Fallout Is Like Lehman for Shipping

Seaspan Corp  chairman and ceo Gerry Wang has described the bankruptcy of South Korea’s biggest container line Hanjin Shipping Co as the industry’s equivalent of the Lehman Brothers collapse that triggered the global financial crisis, reports Bloomberg. “The fallout of Hanjin Shipping is like Lehman Brothers to the financial markets,” Wang said. “It’s a huge, huge nuclear bomb. In an interview on Bloomberg TV Wang, who is founder of Seaspan, the Hong Kong-based container-ship leasing company that has three vessels chartered to the distressed line, likened the impact to shipping and supply chain to that of a nuclear bomb. In June, Wang had rejected Hanjin’s requests for charter-rate cuts before the shipping line filed for court receivership last month.

12 Sep 2016

Hanjin Ship Unloads, New Funds Pledged

A Hanjin Shipping Co Ltd vessel is finishing unloading in California and scheduled to leave port on Monday, shipping industry officials said, as shareholders and executives associated with the South Korean firm pledged funds to help resolve the turmoil created by its collapse. The Hanjin Greece docked in Long Beach on Saturday after a U.S. bankruptcy court granted it protection and terminal operators agreed to take it. Truck drivers probably will begin moving containers from the Greece on Monday while the vessel prepares to leave late in the day for the Port of Oakland, said Teamsters spokeswoman Barbara Maynard and shipping traffic controllers.

19 Jun 2016

Seaspan Rejects Hanjin’s Proposal on Charter Rate

The container ship-leasing company Seaspan Corp declined Hanjin Shipping Co.’s request for a cut in charter rates by about 30 percent, dealing a blow to efforts by South Korea’s biggest liner to revamp debt amid a prolonged trade slump, reports Bloomberg. Hanjin Shipping operates seven container vessels leased from Seaspan. Seaspan recently said there were $11.6 million in charter-hire arrears from Hanjin Shipping. Gerry Wang, CEO of Seaspan, said: “We do not accept any rate cut. We have never done it. We won’t tolerate a contract re-negotiation. "We are in continuous discussion and negotiation with Seaspan, and we are putting all our effort (into bringing) the best viable result as soon as possible,” a Hanjin spokesperson said.

19 May 2016

Seaspan Secures $540 Mi Financing

HONG KONG, CHINA--(Marketwired - May 18, 2016) - Seaspan Corporation ("Seaspan") (NYSE:SSW) announced today that it has entered into over $540 million of debt and equity financings. Gerry Wang, Chief Executive Officer, Co-Chairman, and Co-Founder of Seaspan, commented, "We are pleased to announce that we have accessed over $540 million in attractively priced capital, which further strengthens our financial position and enhances our financial flexibility. Seaspan's consistent ability to access diverse and innovative sources of capital reflects our leadership position in the market, and the breadth of our relationships with capital providers.

22 Apr 2016

Spivak Appointed CFO, Seaspan

Seaspan Corporation announced today that David Spivak is joining the Company as its Chief Financial Officer, starting May 2, 2016. Mark Chu will continue to serve as interim CFO until David's arrival, whereupon Mark will continue in his current roles as Vice President, Corporate Development and General Counsel. David has over 20 years of corporate finance and global capital markets experience. From 1995 to 2012, he worked at Citigroup, serving in various roles, including as a Managing Director in the Investment Banking and Equity Capital Markets Groups as well as the Canadian Head of Global Capital Structuring and Chief Operating Officer of Citigroup Global Markets Canada.

10 Nov 2015

Seaspan Announces Senior Management Changes

Seaspan Corporation announced that Sai Chu, Chief Financial Officer, has informed of his resignation and retirement from Seaspan effective November 6, 2015, after more than 10 years' of service with Seaspan and related entities. Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan stated, "Sai Chu has been a dynamic contributor to Seaspan's growth over the past decade. We appreciate all the work he has done to lead the financial function of Seaspan. Mr. Chu joined Seaspan in 2005 and held positions in finance before being appointed Chief Financial Officer in 2007. Prior to 2005, Mr. Chu served in finance positions with various companies listed on the Toronto Stock Exchange…

20 Sep 2015

Seaspan Acquires Eighth Boxship

Seaspan Corporation announced today that it accepted delivery of a 10000 TEU containership, the Maersk Guayaquil. The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd., is Seaspan's eighth 10000 TEU SAVER design containership and seventh delivery in 2015. The Maersk Guayaquil will commence a five-year, fixed-rate time charter with Maersk Line A/S. Maersk may extend the charter with two consecutive one-year options. The ship is the first of a total of two 10000 TEU SAVER design vessels to be chartered by Seaspan to Maersk. The delivery of the Maersk Guayaquil expands the Company's operating fleet to 84 vessels.

17 Sep 2015

China Exim Bank Backs Seaspan

Seaspan Corporation has lined-up a $1bn worth of export credit facilities with the Export-Import Bank of China (CEXIM). Seaspan has signed a Framework Cooperation Agreement with the Export-Import Bank of China (CEXIM) for a total of up to $1 billion in export credit facilities. The credit facilities would be made available to Seaspan for the purchase and construction of vessels from shipyards in China within the next three years. Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan commented, "We appreciate the strong support Seaspan continues to receive from leading banks around the world. "With the signing of this Framework Cooperation Agreement, we expect to be able to enhance our financial flexibility and increase our access to growth capital.

02 Apr 2015

Seaspan Acquires First 14000 TEU Boxship

Seaspan Corporation has accepted delivery of a 14000 TEU containership, the Yang Ming Wish. The new containership, which was constructed at Hyundai Heavy Industries Co., Ltd., is Seaspan's first 14000 TEU SAVER design containership and second delivery in 2015. The Yang Ming Wish will commence a ten-year, fixed-rate time charter with Yang Ming Marine Transport Corp. ("Yang Ming"). Yang Ming may extend the charter for up to an additional two years. The ship is the first of a total of eight 14000 TEU SAVER design vessels to be chartered by Seaspan to Yang Ming. The delivery of the Yang Ming Wish expands the Company's operating fleet to 79 vessels.

16 Sep 2014

Seaspan Agreement with GCII & Blue Water

Seaspan Corporation announced today that it has entered into an agreement with Greater China Intermodal Investments LLC and Blue Water Commerce, LLC to extend the term of their Right of First Refusal Agreement by one year to March 31, 2016. GCI is Seaspan's investment partnership established with an affiliate of global asset manager The Carlyle Group and others, including affiliates of Seaspan's director Graham Porter and of its largest shareholder, Dennis R. Washington. Under the ROFR Agreement and subject to its terms, Seaspan has a right of first refusal in respect of containership investment opportunities identified by GCI, as well as a right of first offer in respect of certain proposed containership sales by GCI.

13 Sep 2014

Yang Ming Extends Charter Terms for Five 14,000-TEU Ships

Seaspan Corporation announced today that Yang Ming Marine Transport Corp., has confirmed the term of the fixed-rate time charters for the five 14000 TEU SAVER design containerships currently being constructed at CSBC Corporation will be extended to ten years with one two-year option. Two of these vessels previously have been allocated to Seaspan and three have been allocated to Greater China Intermodal Investments LLC ("GCI") under the right of first refusal agreement among Seaspan, GCI and Blue Water Commerce LLC. The option that Yang Ming held to purchase up to five 14000 TEU newbuilding vessels currently being constructed at Hyundai Heavy Industries has expired…

21 Mar 2014

Seaspan Accepts Containership Delivery

Seaspan Corporation announced that it accepted delivery of a 10,000 TEU containership, the Hanjin Buddha, which was constructed using Seaspan's fuel-efficient SAVER design. The new containership, which was constructed by Jiangsu New Yangzi Shipbuilding Co., Ltd., is Seaspan's first SAVER design vessel in the company's operating fleet. The Hanjin Buddha will commence a ten-year, fixed-rate time charter with Hanjin Shipping Co. Ltd. The ship is the first of a total of three vessels to be chartered by Seaspan to Hanjin, and expands Seaspan's operating fleet to 72 vessels. Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan…

31 Dec 2013

Seaspan Extends, Refinances Credit Facility

Company says that move further strengthens Capital Structure. Seaspan Corporation ("Seaspan") announced that it has entered into an agreement to extend and refinance its $1.0 billion credit facility. BNP Paribas Securities Corp. acted as the lead arranger of the amended facility. Gerry Wang, Chief Executive Officer, Co-Chairman, and Co-Founder of Seaspan, commented, "We appreciate the strong support we continue to receive from leading global banks and are pleased to have successfully refinanced the $1.0 billion facility ahead of the maturity date and under attractive terms. The refinancing provides multiple benefits for Seaspan and its shareholders…

15 Jan 2013

Korean Shipyard Wins US$600-million Seaspan Order

HHI/Seaspan Signing Ceremony: Photo credit HHI

Hyundai Heavy Industries (HHI) wins the order for five 14,000 TEU container ships, with a contract option for 5 more. The ultra-large container ships, measuring 368 m in length, 51 m in width, and 30 m in depth, are scheduled to be delivered from 2015. Upon delivery, the vessels will be charted by Seaspan Corp. to the Taiwan’s Yang Ming Marine Transport Corp on a long-term contract. The container ships will feature an electronically-controlled main engine and HiBallast seawater treatment system.

21 Mar 2011

Challenging Themes at BIMCO’s Vancouver General Meeting

Climate, energy and demographics are to be discussed by industry leaders in Vancouver BC, when BIMCO, the world’s largest representative shipping organisation holds its General Meeting in the Canadian city in June this year. Issues of sustainability are never far from the thoughts of ship operators these days, especially when contemplating the purchase of new ships, which may well have a 25 year lifespan. Shipping people have to look further ahead than most, as they contemplate the future demand for their ships…

16 Mar 2011

Massive Ship Order in China

While banks keep lending tight, a massive $5 billion order in China should mark the official turnaround of shipbuilding's fortunes, as private equity in the form of The Carlyle Group and Tiger Group Investments Partner have teamed with Seaspan Corporation, the Washington Family, Gerry Wang and Graham Porter to order more than $5 billion in new ships. Coupled with the recent announcement by Maersk and Daewoo to build a series of 10 of the world's largest containerships, it is fair to assume that the shipbuilding slump is coming to an end. The new joint venture of global shipping and finance experts has formed a company that will work to acquire more than $5 billion in container, dry bulk, tanker vessels and other shipping assets to capitalize on increasing demand in the shipping sector.

06 Aug 2010

Seaspan Financial Results, Three and Six Months

Seaspan Corporation (NYSE:SSW) announced the financial results for the three and six months ended June 30, 2010. Gerry Wang, Chief Executive Officer of Seaspan, stated, "During the second quarter, Seaspan achieved high utilization for its modern fleet and posted strong operating results while further expanding its contracted revenue streams. We took delivery of six newbuildings, four of which were delivered ahead of schedule, highlighting increased demand during the quarter. All six vessels commenced long-term time charters with top liner companies as planned. In addition, we capitalized on an attractive market opportunity by acquiring a 4250 TEU newbuilding, our first acquisition since late 2007.

05 Nov 2009

Seaspan Reports Financial Results

Seaspan Corporation (NYSE: SSW) announced the financial results for the three and nine months ended September 30, 2009. - Paid a second quarter dividend of $0.10 per share, representing an approximate 20 percent payout ratio. - Reported normalized net earnings of $57.5 million, an increase of $1.7 million, or 3.0%, for the nine month period from $55.8 million for the comparable period last year. Normalized net earnings include a $1.1 million charge that was accrued for in the second quarter as a result of exercising the delivery deferral options. This amount is due at the deferred delivery date of each vessel and represents the cost of entering into the delivery deferral options and, therefore, is required to be accrued for in the period under financial reporting standards.

08 Sep 2009

Seaspan Takes Delivery of 40th Containership

Seaspan Corporation (NYSE:SSW) announced that it accepted delivery of the MOL Eminence from Hyundai Heavy Industries Co., Ltd. on August 31, 2009. The 5100 TEU containership is Seaspan's fifth newbuilding in 2009 and expands the Company's fleet to 40 vessels. The MOL Eminence is chartered to Mitsui O.S.K. Lines, Ltd. under a twelve-year, fixed-rate time charter that requires MOL to pay all fuel, cargo-operating and related costs. Gerry Wang, Chief Executive Officer of Seaspan, said, "The MOL Eminence represents the fifth vessel we have taken delivery of in 2009 and fortieth overall. We continue to execute our business model and have further expanded our sizeable contracted revenue stream derived from major liner companies primarily based in Asia.

21 Apr 2009

Seaspan Takes Delivery of New Containership

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.