Seaspan Takes Delivery of Four 12,000 TEU Vessels

Seaspan Corporation has taken delivery of four 12,000 TEU vessels, each having commenced five-year time charters with a global liner, the ship owner announced Thursday.

Three of the eco-modern containerships were built in 2018, and the other in 2017.

Seaspan, a wholly owned subsidiary of Atlas Corp., announced last month it closed four flexible finance lease transactions with total proceeds of approximately $340 million. At the conclusion of the initial 10-year term, Seaspan is obligated to purchase the vessels at a predetermined price.

Bing Chen, President and Chief Executive Officer of Atlas, commented, "This fleet acquisition, innovative financing, and long-term charters continue to demonstrate Seaspan's unique and resilient business model of consistently delivering long-term shareholder value despite the unprecedented COVID-19 environment."

"Seaspan has grown its total contracted revenue by approximately $300 million while further optimizing our fleet, strengthening customer partnerships, enhancing portfolio diversification, as well as expanding innovative financing of $340 million for these vessels amidst the current tightening of the capital markets."

Including the latest additions, Seaspan's global fleet consists of 123 vessels representing total capacity of 1,023,000 TEU. The independent owner and operator claims approximately 7.8% market share of the global containership fleet.