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HHI wins $1bn Seaspan contract

HHI wins $1bn Seaspan contract

Hong Kong: Hyundai Heavy Industries has signed a $1bn contract for the construction of eight 8,500teu vessels for containership company Seaspan. The vessels, which are expected to cost $132.5m each, are scheduled to be delivered between the fourth quarter of 2009 and the fourth quarter of 2010. Upon delivery, all eight vessels will be chartered out to COSCON for 12 years at a rate of $42,900 per day.

"The acquisition of these new ships will bring our total fleet to 55 vessels and add over $100m in annual EBITDA once all eight vessels are delivered and operating," said Seaspan ceo Gerry Wang. "We believe this investment demonstrates the power of our business model to finance large scale vessel acquisitions to meet the needs of the top operators in the liner industry."

Seaspan Management Services Limited will supervise the construction of the new vessels and operate the ships for Seaspan at an estimated fixed rate of $6,000 per day through 2011.  [15/05/07]