Seaspan agrees to purchase a fleet of four containerships
Seaspan Corporation has agreed to purchase a fleet of four containerships for approximately $367 million in cash, the company said in its release. The purchase of the acquired vessels is expected to be financed from additional borrowings as well as cash on hand. Seaspan expects to take delivery of the Acquired Vessels during March and April 2020, subject to customary closing conditions. The transaction is expected to be immediately accretive to Seaspan's earnings per diluted share.
The Acquired Vessels are comprised of four 12,000 TEU vessels, with three built in 2018 and one built in 2017, which will operate under long-term time charters with a leading global liner. Pro-forma for this acquisition, Seaspan's global fleet exceeds one million TEU at 123 vessels and 1,023,000 TEU1, bringing the total contracted revenue to $4.6 billion with a weighted average remaining lease period of approximately 4.2 years. Seaspan continues to be the market leading independent owner and operator of containerships, with pro forma market share of approximately 7.9% of the global fleet2.
Seaspan is a leading independent owner and operator of containerships with industry leading ship management services. Seaspan's fleet consists of 123 containerships, including five vessels the Company has agreed to purchase, which have not yet been delivered, representing total capacity of approximately 1,023,000 TEU. Seaspan's current operating fleet of 118 vessels has an average age of approximately seven years and an average remaining lease period of approximately four years, on a TEU-weighted basis.