Seaspan Corporation has forward fixed contracts for ten 10,000 teu containerships with an undisclosed major liner.
The new five-year charter agreements will extend four charters set to expire in 2022, four in 2023, and two in 2024. The deal is expected to generate around $670m of additional gross cash flow.
Bing Chen, chairman, president and CEO of Seaspan, commented: “We continue to leverage our differentiated business model to provide creative customer solutions by forward fixing operating vessels and building new vessels. Seaspan now has no fleet roll-offs in 2021, and a limited number in 2022, 2023, and 2024, which insulates us from future market volatility while continuing to grow long-term quality cash flow through all market cycles.”
Seaspan has secured forward-fixing contracts for 58 vessels since the start of 2021, representing approximately 50% of its time chartered fleet.
The boxship owner currently has an operational fleet of 131 vessels and 55 vessels under construction with a total capacity of 1.854m teu, on a fully delivered basis.