Seaspan Buys Two 12,000 TEU Containerships

Seaspan Corporation announced on Thursday that it has agreed to purchase two 12,000 TEU containerships from an unnamed seller for approximately $176 million in cash.

The Hong Kong-headquartered owner and operator is scheduled to take delivery of the 2018-built vessels in October, subject to customary closing conditions, it said. Both ships will operate under long-term charters with leading global liners.

Seaspan, a wholly owned subsidiary of Atlas Corp., said it plans to finance the acquisitions from additional borrowings as well as cash on hand.

With the addition of the two newest box ships, Seaspan’s fleet will consist of 127 vessels and approximately 1,073,000 TEU, with total contracted revenue of approximately $4.4 billion and a weighted average remaining lease period of approximately 4 years.

Bing Chen, Chairman, President and Chief Executive Officer of Seaspan, commented, “Our team continues to execute on growth through this acquisition bringing the total to 15 high-quality vessels added to our fleet since December of 2019.

“Atlas’ robust liquidity position, disciplined capital allocation and consistent operational excellence has enabled our strategic expansion despite the unprecedented pandemic,” Chen said.