Seaspan Corporation (“Seaspan”), a wholly-owned subsidiary of Atlas Corp. (“Atlas”), announced it has taken delivery of the last of four high-quality, eco-modern vessels (the “Acquired Vessels”), which have each commenced five-year time charters with a leading global liner.
The Acquired Vessels are comprised of four 12,000 TEU vessels, with three built-in 2018 and one built-in 2017. Seaspan’s global fleet now consists of 123 vessels representing the total capacity of 1,023,000 TEU. Seaspan continues to be the market-leading independent owner and operator of containerships, with a market share of approximately 7.8% of the global fleet1.
In connection with the delivery of the Acquired Vessels, Seaspan previously announced the closing of four innovative, flexible finance lease transactions with total proceeds of approximately $340 million, in partnership with a leading financial institution. At the conclusion of the initial 10-year term, Seaspan is obligated to purchase the vessels at a predetermined price.
Bing Chen, President and Chief Executive Officer of Atlas, commented, “This fleet acquisition, innovative financing, and long-term charters continue to demonstrate Seaspan’s unique and resilient business model of consistently delivering long-term shareholder value despite the unprecedented COVID-19 environment. I am proud of the Seaspan team’s seamless execution on taking the delivery of these four high-quality, eco-modern vessels and immediate deployment on five-year time charters to service our global leading liner. With our best-in-class standards and track record, we remain focused on facilitating our global liners’ success through our consistent operational excellence and creative long-term partnership. Seaspan, in turn, has grown its total contracted revenue by approximately $300 million while further optimizing our fleet, strengthening customer partnerships, enhancing portfolio diversification, as well as expanding innovative financing of $340 million for these vessels amidst the current tightening of the capital markets.”
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