Seaspan Orders Eight More Containerships

Seaspan Corporation continues its vessel ordering spree with a deal announced Thursday for eight additional containerships for delivery from the second half of 2022 and through the third quarter of 2023.

Seaspan, a subsidiary of New York-listed Atlas Corp., said its contract with an unnamed shipyard includes firm orders for four 12,000 TEU and four 15,000 TEU vessels, plus an option for four additional 15,000 TEU vessels of similar build.

The company said it will finance the newbuilds through additional borrowings and existing liquidity.

Upon completion, the scrubber-fitted vessels will enter long-term charters with a long-standing major liner customer, Seaspan said.

Bing Chen, chairman, president and CEO of Seaspan, said, "We continue to accelerate quality growth leveraging our industry-leading scalable and fully integrated platform, while strengthening our robust balance sheet and creative customer partnerships. It is through our profound partnerships with shipyards and liner customers, along with our highly experienced team's world-class expertise in shipbuilding, that enable us to develop win-win solutions for all stakeholders."

Since December 2020 and including this announcement, Seaspan has announced orders for 25 newbuild vessels and the acquisition of two 2019-built secondhand vessels, adding 397,000 TEU to the Seaspan fleet, including 367,000 TEU from newbuild vessels and 30,000 TEU from acquired vessels.

"Our recent 25 new builds and acquisition of two 2019 built 15,000 TEU scrubber-fitted containerships further solidify our core 10,000 – 15,000 TEU vessel segment, growing the category by 47%, to offer unmatched flexibility, versatility and best-in-class service capabilities," Chen said. "We continue to stay focused on differentiating our value-added service offering, improving the resiliency of our business model, and extending our industry-leading operational excellence, all while consistently creating sustainable value for our shareholders."