• 2018 March 15 17:05

    Seaspan acquires Greater China Intermodal Investments LLC

    Seaspan Corporation ("Seaspan"), the world’s largest independent containership owner operator, announced today that it has acquired the remaining 89% it did not own of Greater China Intermodal Investments LLC ("GCI") from affiliates of The Carlyle Group ("Carlyle") and the minority owners of GCI.

    This acquisition solidifies Seaspan’s industry-leading position as the world’s largest independent containership owner operator, and highlights Seaspan’s strength and ability to achieve sustained growth and drive consolidation in the fragmented containership sector. By expanding Seaspan’s fleet and deepening its customer relationships, Seaspan is well-positioned to offer its customers, the world’s leading container liners, enhanced service and capabilities.

    The implied enterprise value of GCI is approximately $1.6 billion, including assumed third party net debt of approximately $1.0 billion and $140 million of future vessel payments. The consideration to selling shareholders will be cash of approximately $330 million and a $50 million issuance of Seaspan Series D preferred shares.

    Seaspan financed the cash consideration with cash from its balance sheet and a $16 million reinvestment by the Washington family in Seaspan common equity. Seaspan has also closed on a $100 million secured credit facility from Citi.

    GCI’s fleet of 18 modern containerships is comprised of high quality 10,000 TEU and 14,000 TEU eco-class vessels, representing a total of 204,000 TEU. Of these 18 vessels, there are currently 16 on-the-water vessels with the remaining two newbuild vessels scheduled for delivery during the second quarter of 2018. Seaspan has been involved in the design, construction, delivery and operations of all 18 of GCI’s vessels since inception. All of these vessels are sister ships to Seaspan’s current fleet.

    Given Seaspan’s operating history of GCI’s fleet, there is no operational integration risk. GCI’s current fleet will contribute approximately $1.3 billion towards Seaspan’s contracted future revenues, increasing Seaspan’s total contracted future revenues to approximately $5.6 billion. In calendar year 2019, with an 18 vessel fleet, GCI is expected to generate $185 million to $200 million in annual EBITDA. 




2019 March 26

18:06 Georgia Ports Authority marks decade of partnership with Kia
17:50 Nuclear-powered container carrier Sevmorput delivered first batch of cargo for Arctic LNG 2
17:36 ABB wins contract to power the first Chinese-built cruise vessel
17:04 Austal awarded A$369 million U.S. Navy contract
16:34 Nexans to supply turbine cables & accessories for the world’s first floating offshore wind farm operating at 66 kV
16:27 First LNG bunkering operations performed at Polish ports
16:04 CNOOC orders MacGregor on-vessel mooring systems for their new deepwater floating production unit
15:45 Bunker prices are slightly up at the Far East ports of Russia (graph)
15:34 Wärtsilä propulsion solutions producing superior power for two new tug boats
15:04 European Parliament adopts final agreement on the Connection Europe Facility for 2021-2027
14:51 LNG Terminal in Świnoujście accepts fourth LNG spot cargo delivery this year
14:39 NORDEN sells 4 dry cargo vessels
14:27 LOTOS and PGNiG: first commercial bunkerings of ships with LNG in Polish seaports
13:54 Orekhovo-Zuyevo, missile ship of RF Navy’s Black Sea Fleet, headed for Mediterranean under combat training plan
13:29 Phase 2 of Krievu Island project receives GRAND PRIX at Latvian Builders Association’s 2018 Annual Awards
13:02 Van Oord posts results for 2018
12:46 Sergey Karataev appointed General Director of Freight One JSC
12:20 Damen Verolme Rotterdam completes refit of drilling rig Stena Don
11:35 Rosmorport to hold an auction to sell its МСП-90 boom-laying boat
11:11 16 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on March 25-26
10:49 Rosmorport to hold an auction to sell its Leader pilot boat
10:13 Brent Crude futures price is up 0.13% to $66.9, Light Sweet Crude – up 0.65% to $59.20
09:44 MABUX: Bunker Market this morning, March 26
09:22 Baltic Dry Index is down to 689 points
09:07 TenneT awarded a framework agreement to Jan De Nul Group for repairs of TenneT’s offshore high-voltage cables
08:07 Berths for inland shipping now operational in Afrikahaven at the port of Amsterdam
07:41 GTT grants certification to SVEZA Group for production of plywood for Mark III containment system

2019 March 25

18:00 Navis N4 TOS selected to enhance terminal operations at North Carolina Ports
17:50 Increased safety for pilots boarding in Solent with new weather station
17:45 EMAR Offshore Services welcomes Damen ASD Tug 2811
17:25 Three basins of Russia’s IWW prepared for navigation season of 2019
16:48 Krasnoye Sormovo shipyard signs contract on construction of 11 dry cargo carriers for STLC
15:52 Kenia host 6th Annual East Africa Transport and Infrastructure conference on 13-14 May 2019
15:26 UK Hydrographic Office works with Seychelles government to help tackle piracy in the Indian Ocean
15:04 Yang Ming reports financial results for 2018
14:03 Closing of MacGregor's TTS acquisition postponed to Q2 2019
13:10 ArcelorMittal and Dow start trials for a new CO2 project in North Sea Port
12:39 Average wholesale prices for М-100 HFO up to RUB 19,562 in RF spot market
12:05 Port of Antwerp updates figures for 2018
11:47 The Maritime Standard swings into 2019
11:30 Damen Shipyards Den Helder signs order with Netherlands’ Defense Material Organization for Expeditionary Survey Boat
11:21 Working group on construction of Nizhegorodsky hydrosystem established under auspices of RF Transport Ministry
11:12 MABUX: Bunker Market this morning, March 25
11:04 IMO-executed GloFouling project kicks off to protect marine biodiversity
10:36 Windpark Fryslân awards contract to Van Oord and Siemens Gamesa to build wind farm
10:30 Polarcus announces redelivery of Vyacheslav Tikhonov
10:00 Keppel finalizes the rig construction contract with Awilco Drilling for the construction of semisubmersible drilling rig
09:56 Throughput of Chinese sea and river ports grew by 3.2% to 2.03 billion tonnes in 2M’2019
09:34 Brent Crude futures price is down 0.64% to $66.32, Light Sweet Crude – down 0.76% to $58.59
09:15 Baltic Dry Index is down to 690 points

2019 March 24

16:29 VARO and GoodFuels extend partnership to scale Bio Fuel Oil availability to deep sea segment in ARA Region
15:13 New Kongsberg Maritime application enables Bureau Veritas to successfully complete the first ‘DP Digital Survey’
14:27 ESVAGT increases presence in dynamic offshore wind market
13:03 Semco secures EPCI contract with Total as part of the Tyra Redevelopment Project
12:01 Safe Scandinavia option restructure and extension

2019 March 23

16:03 NCL announces plans for new staff training facility
15:54 ABP Humber provides land to support KIA expansion
14:22 SeaPlanner to support marine coordination for Taiwan's Formosa I offshore wind farm
13:31 Høglund awarded fuel-gas supply systems contract for six Hurtigruten passenger ships retrofits
12:25 McDermott secures substantial offshore EPCI contract in the Middle East