Seaspan Corporation has struck a deal with a major European liner to forward fix contracts, extending current charter terms for 18 containerships.
The wholly owned subsidiary of Atlas Corp said the vessels, approximately 83,750 teu in aggregate, were previously scheduled to roll-off charters in 2023 and 2024, respectively, and have now been extended into 2025.
Seaspan added it expects these contract extensions to generate around $0.2bn of incremental gross contracted cash flow for 2023 through 2025.
Bing Chen, president and CEO of Atlas, commented: “The forward fixing of these 18 vessels is another demonstration of Seaspan delivering creative customer solutions through our long-term partnership model with industry-leading customers. The immediate result of forward fixing these vessels further contributes to minimising our roll-off profile through 2025 and underlines Seaspan’s strength in generating quality and predictable cash flows.”
The boxship owner currently has an operational fleet of 133 vessels and 67 vessels under construction, with a total capacity of 1.964m teu, on a fully delivered basis.