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Seaspan orders five 12,200-teu containerships backed by 18-year charters

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Seaspan has ordered five 12,200-teu containerships on the back of 18 years charter worth approximately $910m in contracted cash flows.

Upon completion and delivery, all five ships will start long term charters with a global liner company, and are subject to vessel purchase obligations at the end of the charters.

Seaspan did not disclose the shipyard or the delivery schedule of the vessels.

“Executing a discreet newbuild opportunity to fulfil customer needs and achieve targeted returns is a win-win result. Together, with our valuable customer, we were able to develop mutually beneficial business solutions while adding high value vessels to our fleet and expanding our contracted revenue base,” commented Bing Chen, chairman, president and ceo of Seaspan.

The newbuild vessels will be financed from borrowings as well as cash on hand.

As at 7 December 2020, Seaspan’s fleet consists of 127 containerships, representing total capacity of approximately 1,073,000 teu with $4.1bn of contracted revenue.

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