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Seaspan returns to Samsung for box quintet

Seoul: Seaspan Corp yesterday signed contracts to build five new container vessels with Samsung Heavy Industries for delivery between 2010 and 2011. The Vancouver based firm said debt financing for the 4,520 teu container vessels will come from a portion of its more than $900 million of new debt financings, which were completed today.
The company also signed 12-year time charters with Kawaski Kisen Kaisha ("K" Line).
The company anticipates the addition of $52 million in incremental earnings before interest, taxes, depreciation and amortization (EBITDA) with the new vessels, which are expected to bring its total revenue contracts to more than $7.1 billion.
"With 39 vessels scheduled for delivery between 2008 and 2011, including six vessels to be delivered this year, Seaspan will grow its estimated annual revenue and EBITDA to more than $700 million and $550 million, respectively," the company said. [04/01/08]


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