Shanghai: Seaspan Corp has accepted delivery of the 2,500teu CSCL Sao Paulo from Jiangsu Yangzijiang Shipbuilding Co., Ltd. The vessel, Seaspan's 31st, was delivered 16 weeks ahead of schedule and is the second of its size in the company's fleet.
CSCL Sao Paulo will go out on 12-year time charter to CSCL (Asia), a subsidiary of China Shipping Container Lines Co Ltd, the world's seventh largest liner company in terms of capacity. Under the terms of the fixed-rate time charter, CSCL Asia is responsible for fuel costs and all cargo operating and related expenses.
Gerry Wang, Chief Executive Officer of Seaspan, commented, "We are pleased to take delivery of the CSCL Sao Paulo nearly four months ahead of schedule. This vessel is the second in a series of eight 2500 TEU vessels to be built by Jiangsu and chartered to CSCL Asia, a major liner company with a strong credit history. With the delivery of the CSCL Sao Paulo, we have further diversified our high-quality vessel portfolio and strengthened our fixed revenue and cash flow streams. We remain on track to take delivery of 37 remaining newbuildings over the next three years, including four additional 2500 TEU vessels in 2008. In the meantime, we are continuing to look for opportunities to execute our growth strategy and take advantage of the $850 million available to us in immediate liquidity."
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