• 2018 June 1 12:00

    Fairfax invests additional $500 mln in Seaspan

    Seaspan Corporation, the world’s largest independent containership owner operator, today announced that Fairfax Financial Holdings Limited, through certain subsidiaries (collectively, "Fairfax"), has entered into a definitive agreement to invest an additional $500 million of equity in Seaspan through the exercise of two tranches of warrants, increasing Fairfax’s total investment in Seaspan to $1 billion, the company said in its press release.

    David Sokol, Chairman of Seaspan Corporation, commented, "Our Board of Directors and management team are excited by this transformative investment, which will further bolster Seaspan’s strategy to lead consolidation in the fragmented containership sector and capitalize on the most compelling opportunities in the shipping sector and beyond it. Building on our acquisition of Greater China Intermodal Investments and existing partnership with Prem Watsa and Fairfax, the cumulative investment of $1 billion from Fairfax will also significantly strengthen Seaspan’s balance sheet, significantly improve access to capital and accelerate our progress toward achieving an investment grade credit rating. With foundational, long-term oriented partners like Fairfax and the Washington family, we have the opportunity to build on our industry-leading position to drive growth and sustainable shareholder value creation for many years to come."

    "Seaspan has a strong leadership team with a compelling vision and laser focus on execution," said Prem Watsa, Chairman and Chief Executive Officer of Fairfax. "As the global containership industry continues to consolidate, we believe owner-operators like Seaspan, with financially sound balance sheets, will have excellent growth prospects. We are excited about Seaspan’s outstanding progress over the past six months, and with David Sokol’s proven capital allocation and shareholder value creation credentials, we are thrilled to expand our relationship. This transaction represents one of Fairfax’s largest investments in a public company, which is a clear indication of our respect for David Sokol and Dennis Washington."

    Bing Chen, President and Chief Executive Officer of Seaspan, stated, "We are honored by Fairfax’s transformative series of investments in Seaspan, totalling $1 billion, over the past five months. We remain focused on deploying capital in a disciplined and value-enhancing manner, and pursuing opportunities that best serve our customers and create meaningful returns. The support of Fairfax, the Washington family and our other long-term shareholders is instrumental for us to execute on our strategy and create lasting value for all shareholders."

    Transaction Details:

    The definitive agreement provides that on July 16, 2018, Fairfax will exercise all of the warrants issued to Fairfax on February 14, 2018, to acquire approximately 38.46 million Class A common shares at an exercise price of $6.50 per share. In January, 2019, Fairfax will immediately exercise all of the warrants that are issued to Fairfax in connection with the closing of Fairfax’s second debenture investment of $250 million pursuant to the subscription agreement dated March 13, 2018. Upon exercise of the warrants in January 2019, Fairfax will acquire approximately 38.46 million Class A common shares at an exercise price of $6.50 per share, for a total equity investment of $500 million.

    In consideration for Fairfax exercising these warrants in advance of their seven year terms, 2025 and 2026 expirations, Seaspan will issue Fairfax seven year warrants to acquire 25 million Class A common shares at an exercise price of $8.05 per share and amend the terms of the debentures that were issued on February 14, 2018 and will be issued on or about January 15, 2019 to allow Fairfax to call for early redemption of some or all of those debentures on each respective anniversary date of issuance to the respective seven year maturity date.

    Upon the full exercise of both tranches of warrants, Fairfax’s total investment in Seaspan will increase to $1 billion, consisting of $500 million of Class A common shares and $500 million in debentures.




2018 October 18

10:55 Seafarers’ mental health is focus of new training programme offered free to mariners worldwide
10:51 RF Navy’s Pacific Fleet detachment to conduct exercise East China Sea
10:13 Ulstein secures contract for design of Jones Act compliant SOV vessel
09:58 Brent Crude futures price up 0.07% to $79.99, Light Sweet Crude – up 0.1% to $67.61
09:39 Myanmar officials trained in forming maritime transport policy
09:14 Baltic Dry Index is down to 1,554 points

2018 October 17

18:03 PGNiG and Venture Global LNG announce LNG Sales and Purchase Agreements for 2 million tonnes per year
17:46 The Freeport of Riga Authority continues to develop cooperation with China
17:22 Port Manatee enjoys record fiscal year with diverse growth
17:00 North Sea Port and Titan LNG successfully supply sea-going vessel with LNG fuel
16:55 33 LNG carriers and 8 gas condensate carriers with export cargo left port Sabetta in April-June 2018
16:24 Baku International Sea Trade Port launches two new tugboats
16:02 Hapag-Lloyd announces General Rate Increase for East Asia to Mexico, Central America, West Coast of South America, Caribbean & Panama trade
15:46 New BIMCO & IBIA Bunkering Guide available
15:23 NOVATEK and Fluxys plan to build an LNG terminal in Rostock
15:02 NYK develops original software that diagnoses combustion chamber problems
14:40 RF Government allocates RUB 8.4 billion for the Far East development
14:21 Scorpio Bulkers announces time charter-out agreements
14:03 CMA CGM implements Empty Repositioning Surcharge for exports from all Turkish ports
13:32 Ørsted contracts Van Oord for cable installation Borssele I & II
13:21 Throughput of Ukraine’s seaports in 9M’18 fell by 1.7% Y-o-Y to 95.9 million tonnes
13:04 CMA CGM to introduce new BAF on Asia-Africa trade
12:30 GTT and Dongsung Finetec sign a Memorandum of Understanding
12:02 Maritime and Port Authority of Singapore and partners sign MoU for 3D printing facility and applications in maritime sector
11:53 Identifying barriers to cutting emissions through just-in-time operations
11:27 Norddeutsche Reederei H. Schuldt joins V.Group
10:50 Brent Crude futures price down 0.09% to $81.34, Light Sweet Crude – up 0.06% to $71.88
10:42 CMA CGM to introduce new BAF on Europe-Africa trade
10:37 Damen Shipyards Galati hands over 74-metre fishery research vessel to Angolan government
10:27 Maritime Arctic Competence Center opens in Saint-Petersburg
09:42 KN invests in environmental protection measures
09:20 Baltic Dry Index is down to 1,578 points

2018 October 16

18:33 Maersk Line announces new FAK rates from Mediterranean to West and Central Asia
18:03 ABS holds two seminars at the 58th Genoa International Boat Show
17:55 Throughput of port Kaliningrad in 9M’18 grew by 5% Y-o-Y to 10.65 million tonnes
17:36 Wärtsilä opens the first International Maritime Cyber Centre of Excellence in the world
17:03 CMA CGM announces Overweight Surcharge on Asia and India to Africa trades
16:56 Wärtsilä launches Acceleration Centre in Singapore and partners with MPA and PSA Marine to develop IntelliTug
16:40 Throughput of port Vyborg in 9M’18 up 22% Y-o-Y to 1.33 million tonnes
16:21 Throughput of port Primorsk in 9M’18 fell by 11% Y-o-Y to 39.80 million tonnes
16:03 Höegh LNG announces amendment of the Höegh Gallant time charter
15:44 LUKOIL starts construction of facilities at Rakushechnoye field
15:22 Throughput of port Vysotsk in 9M’18 climbed by 6% Y-o-Y to 13.69 million tonnes
15:03 Avatar Logistics initiates cooperation with Sand & Grus AB Jehander and buys the vessel MS Jehander
14:41 Throughput of port Ust-Luga in 9M’18 declined by 5% Y-o-Y to 72.38 million tonnes
14:20 CMA CGM announces GRR from Far East to West Africa
14:03 Lithuanian Railways, Metrans and the Port of Hamburg strengthen relations
13:52 Throughput of Port St. Petersburg up 12% to 44.22 million tonnes in 9M’18
13:06 Scorpio Bulkers announces update on scrubbers
12:39 Project 22800 small missile ship Burya to be floated out on 23 October
12:13 Rolls-Royce and Intel announce autonomous ship collaboration
11:55 The Port of Riga outlines a vision for future development of Spilve Meadows
11:31 Ørsted selects GeoSea for Borssele 1 & 2 foundation and turbine transport and installation
11:14 Jan De Nul will dredge access channel to Guayaquil Port
11:11 RF Navy’s Baltic Fleet detachment completed tasks in Mediterranean Sea
10:59 Damen Maaskant Shipyards Stellendam celebrates 70 years and bids farewell to director Frits van Dongen
10:50 Detachment of RF Navy's Pacific Fleet completes visit to Republic of Korea
10:28 WMU holds needs assessment workshop in Jordan
10:02 Brent Crude futures price up 0.31% to $81.03, Light Sweet Crude – up 0.11% to $71.86
09:43 IMO ​pushing forward with tackling greenhouse gas emissions