Greater China

Seaspan looks at buying out partners in China investment vehicle

Vancouver: Seaspan Corp is considering buying out Great China Intermodal Investments (GCI), an investment vehicle it operates with the Carlyle Group and others.

The joint venture focuses on bringing together Chinese shipbuilders, lenders and state-owned companies to support China's desire to increase the amount of cargo it controls.

Seaspan has agreed with GCI and Blue Water Commerce to extend its first right of refusal agreement for one year until 31 March 2016. Under the agreement Seaspan has first right of refusal on containership investments by GCI and the first offer for some containership sales.

The Gerry Wang-led owner is now mulling buying out the other partners in the venture.

“In connection with the extensions of these agreements, Seaspan's board of directors authorised its conflicts committee, composed entirely of independent directors, to consider strategic options in regard to Seaspan's investment in GCI, including a potential acquisition of GCI by Seaspan,” the company said.  [16/09/14]

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