Seaspan passes 1m teu capacity with acquisition of four secondhand boxships

NYSE-listed containership operator Seaspan Corporation has sealed a deal to acquire four secondhand 12,000 teu containerships for around $367m in cash. The acquisition sees the Seaspan fleet pass the 1m teu mark.

The vessels, three of which are built in 2018 and one in 2017, are scheduled for delivery in March and April 2020 and will operate under long-term charters with a leading global liner.

Seaspan will finance the acquisition with cash on hand as well as additional borrowings. Upon completion, the company’s fleet will consist of 123 vessels with a capacity of 1,023,000 teu.

Bing Chen, president and CEO of Seaspan, commented, “I am proud of the Seaspan team’s consistent focus on creative customer partnerships, while taking our capital allocation competencies to the next level. Not only have we further enhanced our scale, flexibility and efficiency, but more importantly strengthened Seaspan’s role as the solutions provider to all parties involved. I am confident that more creative opportunities will arise as we broaden and deepen these partnerships. The acquisition of four high-quality, young, sizeable, eco-modern vessels marks our eleventh containership acquisition in the past five months, in aggregate adding approximately 117,000 TEU to our global fleet, which now exceeds one million TEU. With our unique business model backed by a strong balance sheet and robust cash flow, we will accelerate sustainable value creation through executing high-quality growth opportunities, as well as continue to be the trusted and preferred partner for our leading global liner customers.”

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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