Seaspan acquires boxship pair for MSC

Seaspan acquires boxship pair for MSC

Seaspan Corporation has acquired two newbuild 11,000 teu vessels from Greater China Intermodal Investments (GCI) for a total of $195.6m.

The vessels will commence 17-year bareboat charters with MSC upon delivery, and MSC is obligated to purchase the vessels for a pre-determined amount at the end of the charters.

The two vessels are sister ships to the three vessels Seaspan has scheduled for delivery in 2017 and chartered to MSC.

Seaspan will assume a total of approximately $88.1m in remaining instalments under the shipbuilding contracts for the vessels as partial consideration for the purchase price. The company has entered into a 17-year arrangement with an Asian-based leasing company with total commitments of approximately $168m to partially fund the acquisition, construction and delivery of the two vessels.

GCI is a joint venture between Seaspan, The Carlyle Group, Blue Water Commerce and Tiger Management. Seaspan holds a stake of around 11%.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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