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Seaspan adds "K" Line to client roster

Hong Kong: Canada's Seaspan Corporation has signed contracts to build two 2,500 teu vessels at Jiangsu Yangzijiang Shipbuilding in China. The vessels will go on charter to Japan's Kawasaki Kisen Kaisha. These new orders are in addition to the eight 2,500 teu ships Seaspan ordered from Jiangsu in 2006. The two newbuilding vessels will be delivered in March and June, 2010. The total delivered cost is expected to be approximately $46.4m per vessel.

Seaspan revealed that it has arranged simultaneous ten-year charter agreements for these two vessels with "K" Line at a rate of $17,880 per day. Each new vessel is expected to contribute between $4.5 million and $4.9 million in incremental EBITDA per annum upon delivery.

"We are very pleased to expand our customer base by adding another major Japanese line to our portfolio," said Gerry Wang, Chief Executive Officer of Seaspan. "This acquisition also expands our relationship with Jiangsu as we now have ten 2,500 teu vessels in line to be delivered over the next three years from this shipbuilder. Given the large number of ships in this series, we expect to realize significant economies of scale in the design, outfitting and construction supervision costs of these vessels."

Seaspan's customer base consists of six of the largest liner companies, including China Shipping Container Lines, A.P. Moller-Maersk, Mitsui O.S.K. Lines, Hapag-Lloyd, COSCO Container Lines and "K" Line. [02/04/07]

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