Seaspan Corporation has sealed an order to build five 12,200 teu containerships backed by 18-year charters worth a total of around $910m.
Seaspan did not reveal the yard, charterer or a timeframe for delivery of the vessels.
“Upon completion and delivery, all five vessels will commence long-term charters with a leading global liner company and are subject to vessel purchase obligations at the conclusion of the charters,” Seaspan said in a statement.
Executing a discreet newbuild opportunity to fulfil customer needs and achieve targeted returns is a win-win result
The vessels will be financed from additional borrowings as well as cash on hand.
Bing Chen, chairman, president and CEO of Seaspan, commented, “Combining our disciplined capital allocation, creative customer partnerships and quality growth strategies, we are excited to announce agreements for five newbuild 12,200 teu vessels backed by long-term charter with a long-standing customer. Executing a discreet newbuild opportunity to fulfil customer needs and achieve targeted returns is a win-win result. Together, with our valuable customer, we were able to develop mutually beneficial business solutions while adding high value vessels to our fleet and expanding our contracted revenue base. Our execution of this transaction demonstrates the innovative solutions we deliver by leveraging our scale and best-in-class fully integrated service platform.”
Seaspan’s fleet currently sits at 127 vessels with a total capacity of 1.073m teu.