Seaspan Corp has signed contracts with Hyundai Heavy Industries to build eight new 13,100 TEU container vessels for approximately $165 million each.
The eight new vessels are scheduled for delivery between January 2011 and October 2011. These agreements expand Seaspan’s contracted fleet to a total of 63 vessels.
All eight vessels have been signed to twelve-year time charters with COSCO Container Lines, at $55,000 per vessel per day for the duration of the contract.
According to Seaspan CEO Gerry Wang, the shipping line currently has 34 vessels scheduled for delivery between 2008 and 2011, which will generate predictable and growing cash flows resulting in annual revenues of $640 million and annual EBITDA exceeding $500 million by the end of 2011.
The eight new vessels are scheduled for delivery between January 2011 and October 2011. These agreements expand Seaspan’s contracted fleet to a total of 63 vessels.
All eight vessels have been signed to twelve-year time charters with COSCO Container Lines, at $55,000 per vessel per day for the duration of the contract.
According to Seaspan CEO Gerry Wang, the shipping line currently has 34 vessels scheduled for delivery between 2008 and 2011, which will generate predictable and growing cash flows resulting in annual revenues of $640 million and annual EBITDA exceeding $500 million by the end of 2011.