• 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.




2019 January 23

18:27 Planning for 2020 IMO's sulphur cap has already started
18:13 Eagle Bulk receives commitment for a new credit facility totaling $208 million
18:02 Port of Gdansk (Poland) throughput in 2018 totaled 49.03 million tonnes, up 20.7% Y-o-Y
17:40 Andrei Malyarov elected as Chairman of Severnaya Verf shipyard's BoD
17:19 RWE files acquisition of renewables businesses of E.ON and innogy with European Commission
17:03 The Board of Directors of Fincantieri appoints a second General Manager
16:51 Ice restrictions at the port of Arkhangelsk come into effect on February 15
16:37 USCG interdicts smuggling boat with convicted criminals aboard off Florida
16:24 Regulatory issues related to operation of seaport infrastructure facilities to be discussed at the 2nd HES and Dredging Congress
16:08 First discharge of LPG from Ichthys LNG Project in Japan carried by “K” LINE’s VLGC “GRACE RIVER”
16:03 CMA CGM to launch its Med Pendulum Service (MPS)
15:46 Ice restrictions at the port of Vyborg (Leningrad Region) come into effect on February 6
15:33 Nakilat – Keppel welcomes first FSRU at the Erhama Bin Jaber Al Jalahma Shipyard
15:28 MHI Vestas achieves final turbine installation at Horns Reef 3
15:18 Rolls-Royce completes €57 million upgrade of Rauma thruster facility
15:03 NYK announces delivery of new coal carrier for Hokkaido Electric Power
14:33 Port of Oakland reports more ships than ever plugging into grid
14:20 Throughput of Port Vysotsky up 10.7% to 7.89 million tonnes in 2018
14:03 Kiel welcomes the TUI Cruises newbuilding
13:45 Admiralteiskie Verfi shipyard lays down large freezing trawler of Project СТ-192
13:27 Coast Guard’s only heavy icebreaker arrives at Antarctica
13:02 Rotterdam as a circular hub for the raw materials transition
12:58 The Russian Federation accedes to passenger compensation treaty
12:51 New initiatives to strengthen Singapore as a global maritime hub announced
12:37 SCHOTTEL presents new mechanical hybrid propulsion solution
12:04 Port of Riga cooperates with Balarusian forest industry to further increase its timber cargo volumes
11:42 15 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on January 22-23
11:16 OSG exercises option for second 204,000 barrel barge at Gunderson Marine
10:55 Maritime Security & Offshore Patrol Week 2019 to be held for the first time ever in Dubai, UAE by IQPC Middle East
10:37 N-KOM welcomes first FSRU at the Erhama Bin Jaber Al Jalahma Shipyard
10:20 Responsibilities for implementation of state programmes of the Russian Federation divided between Deputy Prime Ministers
10:06 Brent Crude futures price up 0.03% to $61.52, Light Sweet Crude – up 0.02% to $53.03
09:48 Aderco: Planning for 2020 has already started
09:43 Vympel Shipyard lays down yet another hydrographic vessel / buoy tender of Project 19910 for RF Navy
09:19 Baltic Dry Index is down to 1,036 points

2019 January 22

18:25 Elengy prepares the sale of access capacities to the Fos Tonkin LNG terminal for the period 2021-2030
18:05 Monjasa steps up as the 2nd largest local bunker supplier in the Panama Canal in 2018
17:54 Relampago practices skills with UAE Navy ship
17:35 CalMac takes over the tiller at Argyll Ferries
17:05 NYK gets the highest-rated ‘A’ for Climate Change by CDP Survey
16:42 RF Government proposed candidates to Novorossiysk Commercial Sea Port's BoD
16:23 Pilbara Ports Authority achieves a new record tonnage on a single tide at the Port of Port Hedland
15:56 Port of Rotterdam Authority and Rotterdam Port Promotion Council renew collaboration
15:46 ICTSI Subic hits milestone 200,000th TEU move
15:44 Growth seen in several sectors at ABP South Wales
15:28 KONTUR SPb ERT unit’s drills get thumbs up from Rosmorrechflot’s certification commission
15:22 First ship viaVerbrugge Terminals’ new permanent shipping line with South America docks in North Sea Port
15:00 Meyer Turku delivers New Mein Schiff 2 to TUI Cruises in Kiel
14:41 Jotun looks into expansion of ship coatings production in Russia
14:32 HHLA completes expansion of the container rail terminal Burchardkai
14:19 Bunker prices are flat at the Far East ports of Russia (graph)
14:02 North Queensland Bulk Ports Corporation opens the Port of Mackay for new bulk material trades
13:32 China Navigation to acquire the bulk shipping activities of Hamburg Süd
13:22 14 crewmembers of gas carriers which caught fire in the Kerch Strait confirmed dead, five missing
13:15 Fincantieri to build LCS 31 for US Navy
12:53 Gdynia, Poland to host Transport Week 2019 on March 5-7
12:31 MOL moves to establish 'Asahi MOL Tankers' for pool operation of MR Product Tankers
12:14 DFDS expands cooperation with Turkish Ekol Logistics
11:45 ABP invests £2.2 million in new agribulk terminal at Port of Ayr
11:17 BIMCO: only international action will stop increase in piracy