Accepts Delivery of First 11000 TEU SAVER
Containership, Enters into Time Charters for Two 10000 TEU
Newbuilds and Agrees to Sell Four 4250 TEU Vessels
HONG KONG, China, Aug. 23, 2017 /PRNewswire/ - Seaspan Corporation
(NYSE:SSW) announced today that it has accepted delivery of the MSC
Shuba B, an 11000 TEU containership that will commence a
seventeen-year fixed-rate bareboat charter with Mediterranean
Shipping Company S.A. ("MSC"). Upon completion of the bareboat
charter period, MSC is obligated to purchase the vessel for a
pre-determined amount. The MSC Shuba B, which was constructed at
HHIC-PHIL INC., is Seaspan's first 11000 TEU SAVER design
containership in a series of five ships, all of which are signed to
bareboat agreements with MSC.
Seaspan also announced that it has entered into fixed-rate time
charter contracts with a leading liner for two 10000 TEU
newbuilding containerships currently under construction at
Yangzijiang's shipyards. The two vessels are currently scheduled to
deliver in 2018 and, upon delivery, will commence three-year
fixed-rate time charters with options to extend for up to an
additional three years. Seaspan has entered into advanced
discussions on financing these two newbuildings with a leading
Asian financial institution.
Seaspan has also entered into agreements to sell four 4250 TEU
class vessels: the Seaspan Alps, Seaspan Grouse, Seaspan Kenya, and
Seaspan Mourne, for gross proceeds of approximately $37 million. Seaspan entered into agreements to
purchase the vessels during the fourth quarter of 2016 and, after
taking into account closing costs and vessel improvements, expects
to record a gain on sale of the vessels of approximately
$14 million. The individual vessel
sales are expected to close during the third and fourth quarters of
2017.
About Seaspan
Seaspan provides many of the world's major shipping lines
with creative outsourcing alternatives to vessel ownership by
offering long-term leases on large, modern containerships combined
with industry leading ship management services. Excluding the four
4250 TEU class vessels which are being sold, Seaspan's managed
fleet consists of 110 containerships representing a total capacity
of approximately 900,000 TEU, including 8 newbuilding
containerships on order scheduled for delivery
to Seaspan and third parties by the end of 2018.
Seaspan's current operating fleet of 86 vessels has an average
age of approximately six years and average remaining lease period
of approximately five years, on a TEU weighted basis.
Seaspan has the following securities listed on The New York
Stock Exchange:
Symbol:
|
Description:
|
|
|
SSW
|
Class A common
shares
|
SSW PR D
|
Series D preferred
shares
|
SSW PR E
|
Series E preferred
shares
|
SSW PR
G
|
Series G preferred
shares
|
SSW PR H
|
Series H preferred
shares
|
SSWN
|
6.375% senior
unsecured notes due 2019
|
For Investor Relations Inquiries:
Mr. David
Spivak
Chief Financial Officer
Seaspan Corporation
Tel. 604-638-2580
Mr. Michael
Sieffert
Director, Corporate Finance
Seaspan Corporation
Tel. 778-328-6490
For Media Inquiries:
Mr. Leon
Berman
The IGB Group
Tel. 212-477-8438
SOURCE Seaspan Corporation