• 2019 November 16 12:32

    Seaspan to purchase a fleet of six containerships on long-term charter for $380 million

    Seaspan Corporation ("Seaspan") (NYSE:SSW) says that it has agreed to purchase a fleet of six containerships (the "Acquired Vessels") for approximately $380 million in cash. The purchase of the Acquired Vessels is expected to be financed from additional borrowings as well as cash on hand. The closing of the acquisition is expected to occur in December 2019, and is subject to customary closing conditions. Upon closing, the transaction is expected to be immediately accretive to Seaspan's earnings per diluted share.

    Subsequent to this acquisition, Seaspan's global fleet approaches one million TEU, with a total pro forma fleet size of approximately 975,000 TEU1. Seaspan continues to be the market leading independent charter owner and operator of containerships, with pro forma market share of approximately 7.7% of the global fleet2, as measured by TEU.

    The Acquired Vessels are comprised of three 10,700 TEU vessels built in 2012, two 9,200 TEU vessels built in 2013, and one 9,200 TEU vessel built in 2014. This adds a total of approximately 59,700 TEU. The Acquired Vessels currently operate under long-term charter with a leading global liner. Delivery of the six vessels is expected in December 2019. Upon delivery of the Acquired Vessels, and one vessel previously announced, Seaspan's total fleet will grow to 119 vessels (approximately 975,000 TEU).

    Bing Chen, President and Chief Executive Officer of Seaspan, commented, "This strategic transaction further demonstrates our core competency of allocating capital in a disciplined manner. Connecting this discipline with creative customer partnerships and proven operational excellence generates sustainable long-term value. This acquisition delivers a win-win outcome for one of our key financing partners, a key customer, and for Seaspan. Upon delivery of all vessels, we will grow our fleet to 119 vessels, and further cement Seaspan's position as the leading global independent charter owner and operator of containerships. I'm proud of the Seaspan team for consistently leveraging our core competency in creating quality growth in container shipping and beyond. As consolidation continues to play out in the containership space, we're well positioned to capture great opportunities in the second hand market and to pursue attractive new build programs."

    Ryan Courson, Chief Financial Officer, added, "Over the last two years, we have demonstrated discipline through our capital allocation process. By focusing first on improving our balance sheet strength, liquidity and financing flexibility, we have positioned ourselves to execute on large scale, accretive transactions. This fleet acquisition of six high-quality vessels contributes substantial long-term value to our asset portfolio through significant incremental contracted cash flows, increasing Seaspan's minimum future contracted revenue to approximately $4.2 billion. We will continue to remain disciplined in achieving our return objectives while maintaining the strength and flexibility of our balance sheet."

    About Seaspan

    Seaspan is a leading independent charter owner and operator of containerships with industry leading ship management services. We charter our vessels primarily pursuant to long-term, fixed-rate, time charters to the world's largest container shipping liners. Seaspan's fleet consists of 119 containerships, including seven vessels the Company has agreed to purchase, which have not yet been delivered, representing total capacity of more than 975,000 TEU. Seaspan's current operating fleet of 112 vessels has an average age of approximately seven years and an average remaining lease period of approximately four years, on a TEU-weighted basis.




2019 December 16

11:09 CMA CGM announces FAK rates from Asia to North Europe
10:52 Port of HaminaKotka throughput in Jan-Nov’2019 grew by 11% Y-o-Y to 16.53 million tonnes
10:31 Bunker sales at the port of Singapore in Jan-Nov’2019 fell by 5.5% Y-o-Y to 43 million tonnes
10:10 Port of Singapore throughput in Jan-Nov’2019 declined by 0.5% to 572.73 million tonnes
10:09 Keppel delivers another jackup rig to Grupo R with sale and leaseback deal
09:47 Brent Crude futures price is down 0.35% to $64.98, Light Sweet Crude – down 0.38% to $59.75
09:29 Baltic Dry Index is down to 1,355 points
09:18 CMA CGM announces partnership with Shell to supply marine biofuel to its fleet

2019 December 15

16:41 Coast Guard reopens La Quinta Channel near Ingleside, Texas
15:22 Total moves forward on two deepwater projects in the U.S. Gulf of Mexico
14:05 SAL Heavy Lift becomes world’s first to equip vessels with new hydrogen / methanol injection technology
13:16 Nauticor’s "Kairos" received the first LNG bunker license in the Port of Rostock Hamburg
12:01 USCG begins ice breaking operations in western Great Lakes
11:48 Iridium continues GMDSS readiness with announcement of launch partners
10:41 Farid Salem honored by the Lloyd’s List Lifetime Achievement Award

2019 December 14

15:48 USCG returns majority of New York Waterway ferries to service
14:31 SK Telecom and SHI successfully verified 5G-powered autonomous and remote control navigation test platform using a test ship
13:19 Mitsubishi Corporation participates in FPSO project in Brazil
11:54 SEA\LNG's study underlines LNG as a compelling investment solution for VLCCs on the Arabian Gulf to China trade route
10:46 GTT Training receives the ‘LNG World Shipping Safety Award 2019’
08:55 Draft strategy for development of Russia’s Arctic through 2035 to be presented to Vladimir Putin by year end

2019 December 13

18:17 New ecological equipment enters berths of Multipurpose Reloading Complex in Ust-Luga
17:22 Total's Mozambique LNG Project gets $400 mln loan from African Development Bank
17:03 Port of Los Angeles and Indonesia Port Corporation sign cooperative agreement
16:33 ABB wins contract to power Genting’s next-generation cruise vessels
16:12 ABB completes delivery for the world's most advanced icebreaking LNG carrier fleet
16:03 Windermere Lake Cruises new vessel launched in Damen Technical Cooperation project
15:33 MacGregor deck handling solution supports China’s Xue Long 2 icebreaker operation
15:12 Polarcus awarded 10-month acquisition program offshore Brazil
14:32 Rotterdam Port Fund invests in Fleet Cleaner
14:11 Subsea 7 awarded contract offshore Norway
13:43 Moín Container Terminal reaches 1 million TEUs
13:31 New container terminal opens in northern Italy
13:05 Aker Solutions to provide subsea production system for phase two of Aker BP's Ærfugl
12:30 Jifmar Offshore Services acquires Delta Marine
12:04 SBM Offshore signs FPSO Sepetiba contracts
11:30 Abu Dhabi Ports announces AED 4Bn expansion projects at Khalifa Port on its 7th Anniversary
11:27 Damen signs contract with Cotecmar for DTC hydrographic research vessel
11:12 WMU and EMSA cooperate on capacity building and research
11:03 SAL Heavy Lift becomes world’s first to equip vessels with new hydrogen / methanol injection technology
10:48 Murmansk Sea Fishing Port handled 245,000 tonnes of cargo in 11M’2019, down 20.7% Y-o-Y
10:34 Overseas Shipholding Group and American Shipping Company jointly announce extension of tanker charters
10:24 WMU President reports to the IMO Assembly
09:59 Kawasaki Heavy Industries launches the world's first liquefied hydrogen carrier
09:43 MABUX: Bunker market this morning, December 13
09:29 Brent Crude futures price is up 0.65% to $64.62, Light Sweet Crude – up 0.52% to $59.49
09:13 Baltic Dry Index is down to 1,388 points

2019 December 12

18:36 EBRD finances Tekirdag port on Turkey’s Sea of Marmara
18:05 Dutch Drone Delta established with Port of Rotterdam Authority support
17:51 Port of Southampton continues infrastructure investment with £3m crane
17:30 Baltic Workboats shipyard delivers 19 WP Oilrec workboat
17:05 The European Federation of Inland Ports welcomes the Green Deal for Europe
16:46 MOL orders 2 next-generation 'EeneX' coal carriers
16:43 Throughput of port Kaliningrad in Jan-Nov’2019 fell by 21% Y-o-Y to 10.20 million tonnes
16:26 Klaipėda LNG terminal welcomed three large and four small LNG vessels in November
16:05 Air quality sensor in the Port of Rotterdam checks sulphur emissions from shipping
15:57 Throughput of port Vyborg in Jan-Nov’2019 fell by 35% Y-o-Y to 1.12 million tonnes
15:34 Alewijnse wins electrical contracts for two additional Combi Freighters at Damen Yichang Shipyard
15:00 Throughput of port Vysotsk in Jan-Nov'2019 climbed by 6% Y-o-Y to 17.90 million tonnes
14:36 Krasnoye Sormovo shipyard launches dry cargo carrier Pola Anastasia of Project RSD59