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Seaspan splashes out $367m on four 12,000-teu containerships

Seaspan Corporation is splashing out $367m in cash to buy four modern containerships of 12,000-teu in capacity, backed by long term time-charters with an unnamed global liner.

The purchase price of $367m is expected to be financed from additional borrowings as well as cash on hand.

Seaspan said it expects to take delivery of the boxships during March and April 2020.

Amongst the four 12,000-teu containerships, three were built in 2018 and one in 2017.

Upon the completion of this latest acquisition, Seaspan’s fleet capacity will exceed 1m teu at 123 ships and 1,023,000 teu, bringing its total contracted revenue to $4.6bn with an average remaining lease period of around 4.2 years.

Chen Bing, president and ceo of Seaspan, commented: “The acquisition of four high-quality, young, sizeable, eco-modern vessels marks our eleventh containership acquisition in the past five months, in aggregate adding approximately 117,000 teu to our global fleet, which now exceeds one million teu.”

Ryan Courson, Seaspan cfo, added: “With this transaction, we will have deployed over $2.6bn of capital across our shipping portfolio since 2018, meaningfully improving Seaspan's returns and increasing long-term contracted cashflows to $4.6bn.”

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