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Seaspan eyes vessel acquisitions after sealing $500m finance deal

Seaspan Corporation has closed an additional $500m funding via its portfolio financing program, cash it says will be used to repay five secured credit facilities and may also be used in part to finance the acquisition of vessels.

The finance program initially closed in May for $1bn, and has now increased to a total capacity of $1.5bn. The expanded program will be comprised of a $300m revolving credit facility and a $1.2bn term loan facility, and consists of a portfolio of 41 vessels.

Ryan Courson, chief financial officer of Seaspan, commented: “I am pleased to announce the closing of this expanded program, which represents a continued improvement to our capital structure and corporate flexibility.”

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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