Seaspan Corporation, a wholly owned subsidiary of Atlas Corp., announced that it has entered into an agreement with a major shipyard for two 24,000 TEU ultra-modern newbuild container ships with anticipated deliveries beginning in the first half of 2023. The two high-quality 24,000 TEU containerships will include industry-leading emissions reduction technologies. Upon completion, both conventional fuel vessels will enter 18-year charters with a leading global liner customer.
The Vessels are anticipated to be financed from additional borrowings as well as cash on hand. As of September 30, 2020, Seaspan’s global fleet consisted of 127 vessels and approximately 1,073,000 TEU, with total contracted revenue of approximately $4.1 billion, and a weighted average remaining lease period of approximately 4 years. Additionally, in December 2020, Seaspan announced an agreement for five newbuild 12,200 TEU vessels which, together with the two vessels announced, will add significant new capacity of 109,000 TEU to the fleet over the next two years. These vessels will bolster Seaspan’s core 9,000 to 15,000 TEU size category and add a new ultra-large offering.
Bing Chen, Chairman, President and CEO of Seaspan, commented, “By combining our key core competencies of creative partnerships, quality growth and disciplined capital allocation, we have developed compelling newbuild opportunities to continue to fuel the company’s growth and enhance our competitive advantages. With newbuild slots scarce in today’s market, we have been consistently meeting our liner customers’ needs while maintaining our return discipline and prudent capital allocation. Upon their completion, these seven best-in-class newbuild vessels are scheduled to consistently add to our fleet beginning late this year and extending through 2023, supporting our strategies to continue generating quality growth and creating value for our shareholders.”