Seaspan Corporation : Seaspan Accepts Delivery of Fifth 13100 TEU Containership
Seaspan Accepts Delivery of Fifth 13100 TEU Containership
03/08/2012| 07:50pm US/Eastern
HONG KONG, CHINA -- (MARKET WIRE) -- 03/08/12 -- Seaspan
Corporation (NYSE: SSW) announced today that it accepted
delivery of a 13100 TEU containership, the COSCO Excellence,
on March 7, 2012. The new containership, which was
constructed by Hyundai Heavy Industries Co., Ltd., is
Seaspan's first delivery in 2012 and expands the
Company's operating fleet to 66 vessels.
The COSCO Excellence is on charter to COSCO Container Lines
Co., Ltd. ("COSCON") under a twelve-year,
fixed-rate time charter. The ship is the fifth of eight 13100
TEU sister ships and the 15th of a total of 18 vessels to be
chartered by Seaspan to COSCON.
Seaspan is a leading independent charter owner and manager of
containerships, which it charters primarily pursuant to
long-term fixed-rate time charters to major container liner
companies. Seaspan's contracted fleet of 72
containerships consists of 66 containerships in operation and
six containerships scheduled for delivery through 2014.
Seaspan's operating fleet of 66 vessels has an average
age of approximately five years and an average remaining
charter period of approximately seven years. All of the six
vessels to be delivered to Seaspan are already committed to
fixed-rate time charters between 10 and 12 years in duration
from delivery. Seaspan's customer base consists of nine
of the world's largest liner companies, including China
Shipping Container Lines (Asia) Co., Ltd., Compania Sud
Americana de Vapores S.A., COSCO Container Lines Co., Ltd.,
Hanjin Shipping Co., Ltd., Hapag-Lloyd USA, LLC, Kawasaki
Kisen Kaisha Ltd., Mediterranean Shipping Company S.A.,
Mitsui O.S.K. Lines, Ltd., and United Arab Shipping Company
Seaspan's common shares are listed on The New York Stock
Exchange under the symbol "SSW".
Seaspan's Series C Preferred Shares are listed on The New
York Stock Exchange under the symbol "SSW PR C".
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The statements in this press release that are not historical
facts may be forward-looking statements. These
forward-looking statements involve risks and uncertainties
that could cause the outcome to be materially different.
These risks and uncertainties include, among others, those
discussed in Seaspan's public filings with the U.S.
Securities and Exchange Commission. Seaspan undertakes no
obligation to revise or update any forward-looking statements
unless required to do so under the securities laws.
Source: Seaspan Corporation
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