• Home
  • News
  • Seaspan announces order for ten 7,000-teu DF LNG containership newbuilds
  • 2021 July 7 14:35

    Seaspan announces order for ten 7,000-teu DF LNG containership newbuilds

    Seaspan Corporation (“Seaspan”), a wholly owned subsidiary of Atlas Corp. (“Atlas”) (NYSE:ATCO), on July 6 announced that it has entered into long-term charters with ZIM Integrated Shipping Services Ltd. (“ZIM”) (NYSE: ZIM) relating to ten ultra-modern 7,000 TEU dual-fuel liquefied natural gas (LNG) containership newbuilds (the “LNG Containerships”). Seaspan will enter into agreements with a major shipyard to construct the LNG Containerships, which are anticipated to begin deliveries in the fourth quarter of 2023 and through 2024. The LNG Containerships are anticipated to be financed from existing liquidity, cash flow from operations, and additional borrowings.

    Transaction highlights:
    – Ten modern 7,000 TEU dual-fuel LNG vessels
    – Aggregate purchase price of approximately $1.05 billion
    – 12-year charters totalling approximately $1.8 billion of gross contracted cash flow

    Management Commentary

    Bing Chen, Chairman, President and CEO of Seaspan, commented, “We are very pleased to collaborate with ZIM on this forward-thinking project which provides advanced designs, competitive pricing and valuable deliveries. We see these modern 7,000 TEUs to be the natural successor to the aging global pool of conventional vessels in the 4,000 to 9,000 TEU range, where relatively little fleet renewal has taken place. We are experiencing strong customer interest for this vessel size.”

    Graham Talbot, CFO of Seaspan, added, “We continue to execute on our growth plan in a prudent manner. In line with all of our vessel investments, we have de-risked the $1.05 billion capital expenditure associated with the dual-fuel LNG Containerships by signing long-term charters with a leading global liner representing approximately $1.8 billion of contracted cash flow. We intend to maintain balance sheet and risk management integrity while continuing the growth track that we have established over Seaspan’s 20-year history. We remain diligent on our path toward an investment grade credit rating, and operational scale will play an important role in this pursuit.”

    Since December 2020, and including this announcement, Seaspan has announced 55 newbuild vessel orders and the acquisition of four second-hand vessels, all four of which have since been delivered.

    About Atlas

    Atlas is a leading global asset management company, differentiated by its position as a best-in-class owner and operator with a focus on deploying capital to create sustainable shareholder value. Atlas brings together an experienced asset management team with deep operational and capital allocation experience. We target long-term, risk adjusted returns across high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. Our two portfolio companies, Seaspan Corporation and APR Energy Ltd. are unique, industry-leading operating platforms in the global maritime and energy spaces, respectively.

    About Seaspan

    Seaspan is a leading independent owner and operator of containerships. We primarily charter our vessels on long-term, fixed-rate time charters to the world’s largest container shipping liners. At March 31, 2021, Seaspan’s fleet consisted of 127 containerships representing total capacity of approximately 1,073,200 TEU. Since then, we have announced the delivery of four second-hand vessels, increasing Seaspan’s operating fleet to 131 vessels and 1,120,200 TEU. We also have 55 vessels under construction, increasing total capacity to 1,854,200 TEU, on a fully delivered basis.




2021 October 15

18:27 Sea Machines uses biofuel to power tug Nellie Bly on long-haul autonomous journey
18:07 Dublin Port Company to open €48m Dublin Inland Port
17:53 Danfoss Editron powering the first fast crew supply vessel able to compete with helicopter transfers
17:33 Tsawwassen First Nation and the Vancouver Fraser Port Authority sign renewed Relationship Agreement
17:09 Sevmash completed manufacturing of sections for offshore ice-resistant fixed platform LSP "A"
16:40 Global Ports Holding positions Kalundborg as an alternative to Copenhagen
16:33 Duisburg Rail Terminal welcomed the one millionth unit since it started the operations in 2013
15:13 Klaveness Combination Carriers signs a Letter of Intent with Shipshave AS to implement its semi-autonomous hull cleaning solution across its fleet
14:31 Wärtsilä next generation navigation simulator to power the Centre of Excellence in Maritime Safety in Singapore
14:09 Coral Consortium working on a water drone to regularly monitor water quality in the basins of the Port of Gdańsk
13:53 Port of San Diego adopts most ambitious maritime clean air strategy of its kind in California
13:22 LNGnews.RU supports 5th LNG Fleet, LNG Bunkering and Alternatives conference as its Media Partner
13:02 A.P. Moller - Maersk enters strategic partnership with Danish Crown on global end-to-end logistics
12:36 GTT is selected by Hyundai Heavy Industries to equip the tanks of two new LNG-fueled container vessels with its membrane containment technology and smart shipping solutions
11:47 Russian-Chinese joint naval exercise is underway in the Sea of Japan
11:23 Transneft Kozmino Port starts construction of maintenance site for servicing mariculture site
10:08 MABUX: Bunker prices may continue slight upward changes on Oct.15
10:02 Port of Long Beach has second-busiest September
09:56 Port of Oakland’s Danny Wan heads statewide port group
09:51 Rosneft sells 5% in Vostok Oil to a consortium of Vitol and MME
09:32 Crude oil prices rise driven by demand growth
09:19 Baltic Dry Index as of October 14

2021 October 14

18:05 MOL, SoftBank and e5 Lab start joint studies for next-generation maritime high-speed satellite communications
17:54 Glavgosexpertiza approves construction of tank for light oil products at IPP terminal in Novorossiysk
17:35 Sembo secures $12m investment from Stena Line
17:15 Jan De Nul signs T&I contract for Gode Wind 3 & Borkum Riffgrund 3
16:52 Singapore Maritime Institute to support next phase of maritime R&D activities with funding and partnerships
16:15 ABS and Kongsberg Digital join forces to power maritime digitalization and decarbonization
15:58 Petersburg Oil Terminal handled 6.9 million tonnes of oil products in 9M’21, down 1% YoY
15:41 Topsoe puts demonstration plant into operation for production of sustainable Methanol from biogas
15:25 MABUX: Bunker Weekly Outlook, Week 41, 2021
15:24 Scandlines prepares sister ferry M/V Berlin for installation of Norsepower Rotor Sail
15:04 AET completes its first ever LNG bunkering in the US
14:53 Gazprom and Russian Government sign agreement of intent on hydrogen energy
14:31 Solstad Offshore, Aker Solutions and DeepOcean create offshore renewables alliance
14:11 Maersk invests in Vertoro to develop green lignin marine fuels
13:59 Joint Sea 2021 Russian-Chinese naval exercise starts in Sea of Japan
13:34 ABB to turbocharge first ME-GA engines as MAN ES opens new route to sustainable sailing for gas carriers
13:10 BC Ferries' sixth Island Class ferry departs Romania bound for B.C.
13:01 Sea Terminal “Tuloma” obtains permit for construction of dry bulk cargo terminal in Murmansk
12:32 New NIC-place Data Lake maximizes value of business logistics data using customized Big Data analytics
12:10 Valaris Drillship achieves ABS Enhanced Electrical System Notation in world first
11:41 Nor-Shipping expects ‘fundamental shift’ in industry focus post COP26
11:05 Maersk Tankers uses vessels’ “digital twin” to slash emissions
10:34 7th Annual East Africa Transport & Infrastructure conference to be held on 15-16 November 2021 in Ethiopia
10:12 BTP Terminal in Brazil goes live remotely with CyberLogitec’s OPUS Terminal
09:53 MABUX: Still no firm trend on Global bunker market on Oct.14
09:30 Crude oil prices rise driven by OPEC output forecast
09:15 Baltic Dry Index as of October 13

2021 October 13

18:17 Portsmouth International Port sets course for shore power
17:58 Makarov Training Centre advances in the international SIMREC project
17:35 LUKOIL BoD recommends interim dividend amount
17:16 TechnipFMC awarded substantial long-term contract by Petrobras
16:59 First Sakhalin-2 carbon neutral/offset LNG cargo delivered to Japan
16:57 Swire Group joins Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping as strategic partner
16:17 Throughput of port Kavkaz in 9M’2021 fell by 14% Y-o-Y
15:46 Throughput of Murmansk Sea Fish Port in 9M’2021 rose by 11.4% YoY
15:23 Port of Troon welcomes the maiden call of the luxury cruise ship MS Island Sky
15:01 Throughput of port Riga (Latvia) in 9M’2021 dropped by 13.5%
14:23 Smart freight tracking system at the Port of Gothenburg goes live