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Seaspan lines-up $1bn in credit facilities with CEXIM

Seaspan lines-up $1bn in credit facilities with CEXIM
Containership owner Seaspan Corp has lined-up a $1bn worth of export credit facilities with the Export-Import Bank of China (CEXIM).

Seaspan signed a Framework Cooperation Agreement with CEXIM which provides for up to $1bn in funding to order newbuildings at Chinese yards within the next three years.

“We are pleased at the prospect of further strengthening our long-standing relationship with CEXIM, which began in the early 2000's and led to our first loan agreement in 2007. With the signing of this Framework Cooperation Agreement, we expect to be able to enhance our financial flexibility and increase our access to growth capital,” said Gerry Wang, ceo, co-chairman and co-founder of Seaspan.

“Consistent with our disciplined strategy, we intend to continue to pursue attractive opportunities to grow our fleet and contracted revenue stream, which currently exceeds $6bn.”

The CEXIM credit facilities are subject to approvals by CEXIM, customary closing conditions and the execution of definitive documentation.