THE world's largest independent containership owner operator Seaspan Corp has announced that Fairfax Financial Holdings Ltd has agreed to invest an additional US$500 million in Seaspan by exercising two tranches of warrants, increasing Toronto-based Fairfax's total investment in the containership owning and chartering company to $1 billion.
Chairman of Seaspan, David Sokol, said the investment will 'bolster Seaspan's strategy to lead consolidation in the fragmented containership sector and capitalise on the most compelling opportunities in the shipping sector and beyond it.'
The deal will 'significantly strengthen Seaspan's balance sheet, significantly improve access to capital and accelerate our progress toward achieving an investment grade credit rating.'
Prem Watsa, the chairman and chief executive officer of Fairfax, said: 'As the global containership industry continues to consolidate, we believe owner-operators like Seaspan, with financially sound balance sheets, will have excellent growth prospects.' He added: 'This transaction represents one of Fairfax's largest investments in a public company.'
Seaspan operates a fleet of 112 ships with aggregate capacity of more than 900,000 TEU, reports American Shipper.
Chairman of Seaspan, David Sokol, said the investment will 'bolster Seaspan's strategy to lead consolidation in the fragmented containership sector and capitalise on the most compelling opportunities in the shipping sector and beyond it.'
The deal will 'significantly strengthen Seaspan's balance sheet, significantly improve access to capital and accelerate our progress toward achieving an investment grade credit rating.'
Prem Watsa, the chairman and chief executive officer of Fairfax, said: 'As the global containership industry continues to consolidate, we believe owner-operators like Seaspan, with financially sound balance sheets, will have excellent growth prospects.' He added: 'This transaction represents one of Fairfax's largest investments in a public company.'
Seaspan operates a fleet of 112 ships with aggregate capacity of more than 900,000 TEU, reports American Shipper.