ZIM & Seaspan Enter Long-Term Charter For Ten 7,000 TEU LNG-Fueled Vessels Worth $1.5 Billion

ZIM Integrated Shipping Services Ltd. (“ZIM”), and Seaspan Corporation, a wholly-owned subsidiary of Atlas Corp., announced a new strategic agreement for the long-term charter with monetary value in excess of $1.5 billion, of ten 7,000 TEU liquefied natural gas (LNG) dual-fuel container vessels, to serve across ZIM’s various global-niche trades.

In addition, in February 2021, ZIM and Seaspan announced a long-term charter agreement for ten 15,000 TEU LNG-fueled vessels.

Eli Glickman, ZIM President & CEO, stated: “We are very pleased to once again partner with Seaspan as we strategically enhance our operating fleet to further facilitate our long-term strategy. With this second long-term chartering agreement, we are securing access to our core fleet, while maintaining operational agility with respect to the total number of vessels we operate. Since going public, and further evidenced by this transaction, we remain committed to deploying capital prudently and enhancing shareholder value.”

ZIM Container vessel
Image Credits: ZIM – YouTube

Mr. Glickman continued, “Keeping with our commitment to reducing our carbon footprint and preserving our oceans, we are investing in state-of-the-art ‘green’ vessels that use the cleanest technology currently available. We are proud that this transaction will further improve our carbon intensity standing among the global liners.”

Bing Chen, Chairman, President and CEO of Seaspan, added: “We are very proud to further ZIM’s leading environmental initiatives with advanced designs, competitive pricing, and valuable deliveries. Together, our teams developed a creative and competitive solution by leveraging Seaspan’s decades of environmental expertise, newbuild experience, integrated platform, and trusted partnerships with shipyards. Our growing partnership and the twenty LNG-fueled newbuilds to date signify both ZIM’s and Seaspan’s commitment to carbon reduction and sustainable growth for our industry.”

Clarksons Platou acted as a financial and professional advisor to ZIM in connection with this transaction.

Press Release

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