Seaspan Corporation : Seaspan Completes Acquisition of Manager
01/30/2012| 05:54pm US/Eastern
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HONG KONG, CHINA -- (MARKET WIRE) -- 01/30/12 -- Seaspan
Corporation (NYSE: SSW) ("Seaspan") today announced
it has acquired Seaspan Management Services Limited (the
"Manager") in a stock-based transaction, and has
acquired and cancelled all of Seaspan's issued and
outstanding Class C common shares. A Report on Form 6-K
disclosing additional details of Seaspan's acquisition of
the Manager was filed today with the U.S. Securities and
Exchange Commission.
About Seaspan
Seaspan is a leading independent charter owner of
containerships, which it charters primarily pursuant to
long-term, fixed-rate time charters to major container liner
companies. Seaspan's owned and contracted fleet of 72
containerships consists of 65 containerships in operation and
seven containerships scheduled for delivery through 2014.
Seaspan's operating fleet of 65 vessels has an average
age of approximately five years and an average remaining
charter period of approximately seven years. All of the seven
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., MSC Mediterranean Shipping Company S.A.,
Mitsui O.S.K. Lines, Ltd., and United Arab Shipping Company
(S.A.G.).
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
This release contains certain forward-looking statements (as
such term is defined in Section 21E of the Securities
Exchange Act of 1934, as amended), which reflect
management's current views with respect to certain future
events and performance, including, in particular, statements
regarding the effects of Seaspan's acquisition of the
Manager on Seaspan and its operations and results. These
forward-looking statements involve risks and uncertainties
that could cause the outcome to be materially different.
These risks and uncertainties include, among others: future
operating and financial results of Seaspan and the Manager;
future fleet growth and related purchase price payments;
Seaspan's business strategy and other plans and
objectives for future operations; and those risks discussed
in our public filings with the U.S. Securities and Exchange
Commission, including our Annual Report on Form 20-F for the
year ended December 31, 2010. Seaspan expressly disclaims any
obligation to update or revise any of these forward-looking
statements, whether because of future events, new
information, a change in Seaspan's views or expectations,
or otherwise.
Source: Seaspan Corporation
News Provided by Acquire Media
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